After a turbulent week, the Nasdaq 100 Index managed to clinch a 0.15% gain, terminating a five-session losing streak – the lengthiest downturn since October 2022. The tech index saw intraday highs reaching 16,415 and lows dipping to 16,249 on Friday, marking a rollercoaster trading session.
Market sentiment swung back and forth in response to conflicting economic data released on Friday, coupled with statements from Richmond Fed Governor Thomas Barkin.
The Bureau of Labor Statistics presented a December jobs report that surpassed expectations, with non-farm payrolls jumping by 216,000 for the month. This figure outperformed both the downwardly revised November number of 173,000 and the anticipated 170,000. The unemployment rate held steady at 3.7%, defying projections of a rise to 3.8%. Additionally, average hourly earnings exceeded estimates, rising by 4.1% year-on-year compared to the estimated 3.9%.
Economists’ interpretations of the report were varied, with some pointing to signs of cooling, mainly due to negative revisions in October and November, while others emphasized the ongoing tightness in the labor market.
The Institute for Supply Management (ISM) released a Service PMI survey that fell substantially short of expectations, declining by 2.1 points to 50.5 in December, compared to the expected 52.5.
Following these developments, Barkin noted, “the labor market appears to be gradually softening.” He added, “the U.S. is still in a situation where inflation is above the Fed’s target, and employment is near its maximum.”
Moving Stocks
On Friday, standout gainers among the holdings of the Invesco QQQ Trust QQQ were:
| Company Name | Price | 1-day %chg. |
|---|---|---|
| Marvell Technology, Inc. MRVL | $59.92 | 3.77% |
| Walgreens Boots Alliance, Inc. WBA | $25.00 | 3.07% |
| PayPal Holdings, Inc. PYPL | $60.13 | 2.87% |
| Datadog, Inc. DDOG | $116.00 | 2.64% |
| NVIDIA Corporation NVDA | $490.84 | 2.26% |
Conversely, large-cap tech companies that experienced losses on Friday included:
| Security Name | Price | 1-day %chg. |
|---|---|---|
| Verisk Analytics, Inc. VRSK | $233.83 | -1.73% |
| PepsiCo, Inc. PEP | $168.91 | -1.49% |
| Warner Bros. Discovery, Inc. WBDISCA | $11.19 | -1.41% |
| Gilead Sciences, Inc. GILD | $83.30 | -1.40% |
| Old Dominion Freight Line, Inc. ODFL | $383.93 | -1.37% |
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