From Nasdaq:

The S&P 500 and Nasdaq were subdued after a jobs report showed persisting strength in the labor market, leading investors to temper expectations of early interest-rate cuts. Wall Street stumbled in the first two sessions of 2024, with the S&P 500 notching its worst two-day performance since late October.

Bets that the Federal Reserve could start reducing interest rates drove much of the gains towards the end of 2023, though recent minutes from the central bank’s December policy meeting did not offer many clues. Traders see a 66.4% chance for at least a 25-basis point rate cut in March and a near 92% probability for May.

An ADP National Employment report showed U.S. private employers hired more workers than expected in December, pointing to persistent strength in the labor market that should continue to sustain the economy. Yields on longer-dated U.S. Treasury tenors rose after the data, with the yield on the benchmark 10-year note climbing to 3.991%.

Investors also assessed S&P Global’s final reading of composite PMI data for December at 50.9, compared with a preliminary reading of 51.0. Dow component Merck added 1.7% after being upgraded to “outperform” on growth prospects.

At 9:50 a.m. ET, the Dow Jones Industrial Average was up 102.81 points, the S&P 500 was up 0.60 points, and the Nasdaq Composite was down 54.92 points. Micron Technology gained 1.1% after being upgraded to “overweight”. Mobileye Global sank 26.3% after forecasting preliminary fiscal 2024 revenue below estimates.

Walgreens Boots Alliance reversed premarket gains to shed 10.9% after the U.S. pharmacy chain nearly halved its dividend. Advancing issues outnumbered decliners on both the NYSE and the Nasdaq. The S&P index recorded 13 new 52-week highs and no new lows, while the Nasdaq recorded 14 new highs and 30 new lows.



Read more: US STOCKS-S&P 500, Nasdaq muted after upbeat private payrolls data