From Nasdaq:

Summary of the U.S. stock markets on Monday: The markets closed higher after a decline last week. The rebound was led by tech stocks as the Fed’s first interest rate cut timing remains uncertain. All three major stock indexes ended in positive territory.

How Did The Benchmarks Perform? The Dow Jones Industrial Average was up 0.6% to close at 37,683.01. The Nasdaq Composite jumped 2.2% while the S&P 500 climbed 1.4%. Tech stocks like CRWD and AMD backed the surge. The fear-gauge VIX was down 2% to 13.08.

U.S. Economy Cooling: The ISM manufacturing Index for December was slightly ahead of November. The services Index was lower than November, marking the 12th consecutive month of expansion. The sub index for new orders and employment contracted in December.

Labor Market Remains Resilient: The U.S. economy added 216,000 jobs in December, beating the consensus estimate. The unemployment rate stayed at 3.7%, below the consensus estimate and the average hourly wage rate increased by 0.4%.

Uncertainty on Rate Cut: The Fed’s first rate cut remains uncertain. Federal Reserve Governor Michelle Bowman said that while she believes the rate hike cycle is over, she is not yet convinced the economy is in proper shape.



Read more: Stock Market News for Jan 9, 2024