NEW YORK / LONDON (IT BOLTWISE) – US stock markets closed mixed on Tuesday. While the Dow Jones ended trading weaker after a stable start, the Nasdaq 100 was able to jump into the profit zone thanks to Tesla. Labor market data for October and November raised uncertainty about further rate cuts by the Fed.
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The US stock exchanges showed their mixed side on Tuesday. The Dow Jones Industrial, Wall Street’s best-known index, started the trading day stable, but suffered losses over the course of the day and closed weaker. In contrast, the technology-heavy Nasdaq 100, supported by heavyweight Tesla, was able to move into profit. Tesla shares reached a new record high shortly before the market closed, giving the index additional momentum.
The delayed release of labor market data for October and November caused mixed reactions among market participants. This data, which contained both positive and negative signals, created uncertainty regarding the Fed’s future interest rate policy. While some experts see a slowdown in the labor market that could justify an imminent interest rate cut, others remain skeptical due to the contradictory signals.
The Dow Jones, which had reached a new record of 48,887 points on Friday, fell by 0.62 percent to 48,114.26 points. The S&P 500 lost 0.24 percent and closed at 6,800.26 points. In contrast, the Nasdaq 100 gained 0.26 percent to 25,132.94 points after three days of losses. The futures markets currently estimate the probability of another interest rate cut in January at around 24 percent.
Kay Haigh, global co-head of fixed income at Goldman Sachs Asset Management, expressed skepticism about the significance of the latest jobs data. Given the previous turmoil caused by the partial government shutdown in the US, he does not expect the Fed to pay particular attention to this data. Rather, the upcoming inflation data, which will be released on Thursday, could be crucial for future interest rate policy.
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