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US stocks fell on Wednesday
US stocks fell on Wednesday, January 8, after a sharp drop in big tech stocks in the previous session, as renewed concerns about the path of interest rate cuts prompted selling.
The Dow Jones Industrial Average fell 51 points, or 0.1%, and the S&P 500 fell about 0.1%. The Nasdaq Composite also fell about 0.3%.
Palantir, one of the biggest gainers in the S&P 500 last year by more than 340%, fell for a third straight day, with a decline of more than 2.5%.
Shares of chipmaker Advanced Micro Devices also fell more than 4% after HSBC downgraded it.
US data released on Wednesday showed that private sector job creation in December fell more than expected, while wages grew at the slowest pace since July 2021, according to payments processing company ADP. Investors are now awaiting minutes from the Federal Reserve’s December meeting, due later today.
Sentiment also took a hit after CNN reported, citing sources, that President-elect Donald Trump is considering declaring a national economic emergency to pass new tariffs.
Wednesday’s moves come after a tough trading session, with major indexes ending Tuesday in the red following strong economic data showing a stronger-than-expected expansion in the U.S. services sector, according to the Institute for Supply Management. The reading showed prices increasing over the month, raising concerns about stubborn inflation and the Fed’s rate-cutting path this year.
