U.S. Stocks Finish Choppy Trading Session Little Changed

Following the sharp pullback seen over the course of Tuesday’s session, stocks showed a lack of direction during trading on Wednesday. The major averages
spent the day bouncing back and forth across the unchanged line before eventually closing narrowly mixed.

While the tech-heavy Nasdaq edged down 10.80 points or 0.1 percent to 19,478.87, the Dow rose 106.84 points or 0.3 percent to 42,635.20 and the S&P 500
crept up 9.22 points or 0.2 percent to 5,918.25.

The choppy trading on Wall Street came amid uncertainty about the outlook for interest rates following the release of mixed U.S. jobs data.

While payroll processor ADP released a report showing private sector job growth slowed more than expected in December, the Labor Department released a
report showing weekly jobless claims unexpectedly fell to their lowest level in almost eleven months.

ADP said private sector employment rose by 122,000 jobs in December after climbing by 146,000 jobs in November. Economists had expected private sector
employment to grow by 140,000 jobs.

The report said hiring slowed in several industries, while employment in the manufacturing sector shrank for the third straight month.

“The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains,” said ADP Chief
Economist Nela Richardson.

Meanwhile, the Labor Department released a separate report unexpectedly showing another modest decrease by initial jobless claims in the week ended
January 4th.

The report said initial jobless claims slipped to 201,000, a decrease of 10,000 from the previous week’s unrevised level of 211,000. Economists had
expected jobless claims to rise to 218,000.

With the unexpected dip, jobless claims fell to their lowest level since hitting 200,000 in the week ended February 17, 2024.

The Labor Department is scheduled to release its more closely watched monthly jobs report on Friday, potentially providing additional clarity about the
strength of the labor market.

While the Federal Reserve released the minutes of its latest monetary policy meeting later in the day, they did not provide much insight into the outlook
for interest rates other than to suggest officials plan to take a “careful approach” to future decisions.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.

Gold stocks showed a significant move to the upside, however, with the NYSE Arca Gold Bugs Index surging by 2.5 percent. The rally by gold stocks came
amid an increase by the price of the precious metal.

Natural gas and housing stocks also saw notable strength on the day, while steel, computer hardware and semiconductor stocks moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Wednesday. Japan’s Nikkei 225 Index dipped by 0.3
percent and Hong Kong’s Hang Seng Index slid by 0.9 percent, while South Korea’s Kospi jumped by 1.2 percent.

The major European markets also finished the day mixed. While the U.K.’s FTSE 100 Index crept up by 0.1 percent, the German DAX Index edged down by 0.1
percent and the French CAC 40 Index fell by 0.5 percent.

In the bond market, treasuries showed a lack of direction over the course of the session before closing slightly lower. The yield on the benchmark ten-
year note, which moves opposite of its price, inched up by 1.0 basis point to an eight-month closing high of 4.693 percent.

Looking Ahead

Following the national day of mourning for former President Jimmy Carter on Thursday, trading on Friday is likely to be driven by reaction to the monthly
jobs report.

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U.S. Stocks Finish Choppy Trading Session Little Changed

While the tech-heavy Nasdaq edged down 10.80 points or 0.1 percent to 19,478.87, the Dow rose 106.84 points or 0.3 percent to 42,635.20 and the S&P 500 crept up 9.22 points or 0.2 percent to 5,918.25.

The choppy trading on Wall Street came amid uncertainty about the outlook for interest rates following the release of mixed U.S. jobs data.

While payroll processor ADP released a report showing private sector job growth slowed more than expected in December, the Labor Department released a report showing weekly jobless claims unexpectedly fell to their lowest level in almost eleven months.

ADP said private sector employment rose by 122,000 jobs in December after climbing by 146,000 jobs in November. Economists had expected private sector employment to grow by 140,000 jobs.

The report said hiring slowed in several industries, while employment in the manufacturing sector shrank for the third straight month.

“The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains,” said ADP Chief Economist Nela Richardson.

Meanwhile, the Labor Department released a separate report unexpectedly showing another modest decrease by initial jobless claims in the week ended January 4th.

The report said initial jobless claims slipped to 201,000, a decrease of 10,000 from the previous week’s unrevised level of 211,000. Economists had expected jobless claims to rise to 218,000.