News

The U.S. non-farm payroll data for December extinguished investors' hopes for another interest rate cut by the Federal Reserve in the next six months. The S&P 500 index initially closed down 1.5%, with the real estate, financial, and technology sectors falling over 2%. The Nasdaq 100 index initially closed down 1.5%, with component stocks ON Semiconductor down 7.4%, Pinduoduo ADR down 5.6%, PayPal down 5.1%, Regeneron Pharmaceuticals down 4.9%, AMD down 4.7%, while FANG rose 2.2%. Nuclear power concept stock Constellation Energy Corp (CEG) rose 25%. The Dow Jones Industrial Average initially closed down 680 points, a decline of 1.8%, with component stocks Travelers Companies Inc. down 4.2%, Goldman Sachs down 3.4%, NVIDIA and American Express down 2.8%, Apple down 2.3%, while Chevron rose 1.9%. This week, the S&P fell approximately 1.9%, the Dow fell approximately 1.9%, the Nasdaq fell approximately 2.3%, the semiconductor index fell approximately 2.4%, the banking index fell approximately 2.1%, the biotechnology index fell approximately 1.7%, and the small-cap Russell 2000 index fell approximately 3.5%