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Nasdaq Dips More Than 2% As Tech Stocks Slip At End Of Volatile Week

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  • Non-farm payrolls increase less than expected
  • DocuSign dives after disappointing forecasts
  • Nucor increases quarterly dividend up 23%
  • Falling indices: Dow 0.17%, S&P 0.91%, Nasdaq 2.07%

Dec. 3 (Reuters) – Major Wall Street indices fell in choppy trading on Friday, with the Nasdaq falling more than 2%, as data on jobs, uncertainty around the Omicron coronavirus variant and the Federal Reserve’s policy tightening trajectory was weighing down.

The S&P 500 Technology Index (.SPLRCT) slipped 1.9%, causing losses among the top 11 sectors.

Shares of Apple Inc (AAPL.O), Meta Platforms (FB.O), Alphabet Inc (GOOGL.O), owner of Google (GOOGL.O), Amazon.com Inc (AMZN.O) , Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O) and Tesla Inc (TSLA.O) fell between 1.4% and 6.1% to weigh the most on the S&P 500 and Nasdaq.

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“What you are seeing is the influence of technology and that is directly linked to Apple, Microsoft and Nvidia etc. It is the reverse of what we have seen historically where the main drivers of the index are big stocks, ”said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

Wall Street opened higher after the Department of Labor report showed non-farm payrolls grew less than expected in November, but the unemployment rate fell to 4.2%, the lowest since February 2020, and wages have increased further. Read more

“The numbers show that the economy is very strong. So that’s confirmation of some of the things Powell was talking about on the Hill this week, and supports the fact that you’re likely going to see a more aggressive Fed,” Nolte said of Kingsview.

Fed Chairman Jerome Powell said earlier this week that the U.S. central bank would consider speeding up the liquidation of its bond buying program at its next meeting to deal with soaring pressures on price, a move widely seen as opening the door to earlier interest rate hikes.

The Dow Jones Cycle Linked (.DJI) and economically sensitive S&P sectors like Industrials (.SPLRCI), Materials (.SPLRCM), Energy (.SPNY) and Financials (.SPSY) have best withstood the massive sell-off of the day.

Meanwhile, a measure of US service sector activity hit a new record in November, as companies boosted hiring. Read more

A Wall Street sign is visible in front of the New York Stock Exchange (NYSE) in Manhattan, New York, United States on December 28, 2016. REUTERS / Andrew Kelly

Stock markets have swung sharply this week as investors digested updates on the newly detected Omicron variant, which is spreading globally and prompting countries to reimpose travel restrictions.

Even if Omicron isn’t too scathing, all of this, coupled with a hawkish Fed, points to increased caution for risky assets, although if corporate earnings continue to rise, global equities are likely to rise further. except perhaps the most expensive, ”said John Vail, chief global strategist at Nikko Asset Management.

All three major indices are on track for significant weekly losses, with the Dow Jones recording its fourth consecutive fall.

Wall Street’s fear indicator, the CBOE Market Volatility Index (.VIX), last traded at 30.70 points.

At 12:42 p.m. ET, the Dow Jones Industrial Average (.DJI) was down 60.24 points, or 0.17%, to 34,579.55, the S&P 500 (.SPX) was down 41.62 points, or 0.91%, to 4,535.48, and the Nasdaq Composite (.IXIC) lost 319.08 points, or 2.07%, to 15,062.25.

DocuSign Inc (DOCU.O) plunged 40% after the e-signature solutions company forecast lower fourth-quarter revenue.

Nucor Corp (NUE.N) rose 3.7% after the steelmaker raised its quarterly dividend 23% and announced a $ 4 billion buyback program.

Falling issues outnumbered advances for a 2.52-to-1 ratio on the NYSE and a 3.94-to-1 ratio on the Nasdaq.

The S&P Index recorded eight new 52-week highs and five new lows, while the Nasdaq recorded 12 new highs and 585 new lows.

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Additional reporting by Anisha Sircar and Sruthi Shankar in Bangalore; Editing by Sriraj Kalluvila and Maju Samuel

Our standards: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/markets/europe/futures-edge-lower-ahead-payrolls-report-2021-12-03/

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