Precise Investors Editorial Team
MSCI’s gauge of stocks across the globe dropped 3.67 points, or 0.35%, to 1,031.48
Stock indexes closed mostly lower on Wednesday. On U.S. stock market, the Dow eased along with the S&P 500, but the Nasdaq finished higher. Stock indexes around the world had hit record highs this week.
As investors digested a barrage of Trump-related headlines, they were also focused on data showing job openings dropped more than expected in November while hiring eased. Friday brings the employment report for December.
This week is all about the jobs report, said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, noting that weaker jobs data could underpin expectations for rate cuts this year by the central bank.
Shares of JPMorgan Chase dropped 2.3% after Wolfe Research downgraded the bank to “peer perform” from “outperform.” In addition, shares of defence companies dropped after Trump vowed to block defence contractors from paying dividends or buying back shares until they speed up weapons production. Shares of Lockheed Martin ended down 4.8%, while shares of RTX were down 2.5%.
The Dow Jones Industrial Average dropped 466.00 points, or 0.94%, to 48,996.08, the S&P 500 declined 23.89 points, or 0.34%, to 6,920.93 and the Nasdaq Composite gained 37.10 points, or 0.16%, to 23,584.28. The S&P 500 and Dow hit intraday record highs during the session.
The earnings season starts next week, with results from some of the largest banks. They are expected to report higher fourth-quarter profits, helped by a rise in investment banking revenue as dealmaking accelerates.
MSCI’s gauge of stocks across the globe dropped 3.67 points, or 0.35%, to 1,031.48.
European stocks snapped a run of record closes as investors paused to digest the latest Venezuela-U.S. developments and assessed economic data. The pan-European STOXX 600 index ended down 0.05%.
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