U.S. stocks fell in Friday afternoon trading, pulling back from record levels.

Continue Reading Below

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES30842.57-198.56-0.64%I:COMPNASDAQ COMPOSITE INDEX13091.351099+23.87+0.18%Powered by

The Dow Jones Industrial Average fell 190 points, a decline of 0.7%, while the Nasdaq gained 0.2%, though off the best levels of the session. The tech-heavy index was aided by Tesla, which maintained its gains and crossed the $800 billion market cap level for the first time.

TickerSecurityLastChangeChange %TSLATESLA INC.864.47+48.43+5.93%AMZNAMAZON.COM INC.3,154.01-8.14-0.26%MSFTMICROSOFT CORP.217.84-0.45-0.21%Powered by

Other large-cap tech stocks including Amazon and Microsoft were slightly lower.

The S&P 500 fell nearly 0.3% dragged lower by financials and telecom stocks.

On Friday, the Washington Post reported that Sen. Joe Manchin (D.-WV) is opposed to additional stimulus payments, which could kill the prospects of further fiscal support for the ailing U.S. economy.

TickerSecurityLastChangeChange %SP500S&P 5003792.93-10.86-0.29%XLFFINANCIAL SELECT SECTOR SPDR ETF30.55-0.39-1.24%Powered by

DOW CLOSES ABOVE 31K, NASDAQ 13K FOR 1ST TIME WITH 'ORDERLY TRANSITION' OF WHITE HOUSE AHEAD

JOBS IN FOCUS AMID PANDEMIC

The country lost 140,000 jobs in December, compared to an expected gain of 71,000, according to analysts surveyed by Refinitiv. Still, the revisions to the previous two months and stronger-than-expected earnings softened the blow a bit. In the prior two months, the U.S. added an additional 135,000 jobs.

Average hourly earnings rose 5.1% year-over-year, compared to expectations for a rise of 4.5%. The unemployment rate came in at 6.7%, compared to expectations of 6.8%. Though elevated, that's down from 14.7% when the coronavirus pandemic sent the U.S. into a lockdown and the highest print since record-keeping began in 1948.

The labor force participation rate matched estimates at 61.5%.

On Wednesday, ADP reported the U.S. lost 123,000 jobs in December, compared to a gain of 88,000.

The U.S. surpassed 21.5 million cases of COVID-19 on Thursday, according to data compiled by Johns Hopkins University. Nearly 4,000 Americans died of the virus on Thursday, a new record.

APPLE CAR TALK SENDS HYUNDAI SURGING

In stock news, though rumors of an Apple-branded car have existed for years, South Korean automaker Hyundai confirmed on Friday it was in early talks with the U.S. tech giant, lifting shares of Hyundai 25%.

"Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided," Hyundai said in a statement.

The company later issued a regulatory filing, noting it was "getting requests for cooperation on joint development of autonomous electric vehicles from various companies."

TickerSecurityLastChangeChange %AAPLAPPLE INC.131.06+0.14+0.10%GMGENERAL MOTORS COMPANY42.56-0.75-1.73%Powered by

On Thursday, Bloomberg reported that an Apple-branded car, which would compete with Tesla, GM and other electric vehicles, would not be ready until at least 2025.

CLICK HERE TO READ MORE ON FOX BUSINESS

In other asset classes, bitcoin traded above the $41,000 level in morning trading, doubling in less than a month, pushing its market value above $1 trillion for the first time.

Gold fell more than 1% to $1,891.90 an ounce.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Source Link:
https://www.foxbusiness.com/markets/us-stocks-january-8-2021

[0,"neutral"]

Comments

comments

Advertisement