From Nasdaq:

The S&P 500 and Dow Jones Industrial rally to kick off 2024, driven by financial stocks and strong jobs data, as rate cut expectations rise. Bets on the Federal Reserve rates lead to gains with financials at the forefront, supported by insurance ballasts and a solid start to earnings season next week.

U.S. private employers add 164,000 jobs in December, hinting at a robust labor market. An ADP National Employment report suggests a steady economy, as Labor Department unemployment claims exceed expectations. U.S. weekly Treasury yields and S&P Global’s December composite PMI data rise, with the Dow Jones up 0.37%.

Crude prices fall 1.1% following a significant U.S. fuel inventory build, echoing weakness in the energy sector, despite similar declines in most S&P sectors – e.g., Apple, Merck, Mobileye, and Walgreens announce upgrades and downgrades. Overall, the markets stay buoyant, despite Apple’s shares sliding by 0.8%.



Read more: S&P, Dow eye first up day of 2024 on financials, strong jobs data