Here’s a summary of the market news from January 7, 2025:
Key Events:
- Job Openings Increase More than Expected: The Bureau of Labor Statistics reported that job openings rose to 8.1 million in November, exceeding expectations.
- ISM Services Index Release: The ISM Services Index, a gauge of the service sector’s performance, was released for December. However, no specific numbers were mentioned.
- Nvidia Rally: Nvidia (NVDA) stock rose as much as 2.5% after CEO Jensen Huang’s keynote at CES, where he unveiled AI superchip and robotics technology.
- US Stocks Open Higher: The S&P 500, Dow Jones, and Nasdaq Composite indices opened higher on Tuesday, with the tech-heavy Nasdaq leading the gains.
Market Reaction:
- Bond Yields Rise: The 10-year Treasury yield rose by around 7 basis points to hover just below 4.7% after the job openings release.
- Fed Rate Cut Probability Decreases: Traders now see a less than 50% chance of a Federal Reserve rate cut before the June meeting, down from a roughly 55% probability seen yesterday.
Stock Market Performance:
- S&P 500: Up 0.3%
- Dow Jones Industrial Average: Up 0.3%
- Nasdaq Composite: Up around 0.2%
Notable Earnings and Economic News:
- Cal-Maine Foods (CALM): Reports earnings today.
- Job Openings (November) and ISM Services Index (December): Released on Tuesday.
Please note that the information provided is based on a snapshot of market news from January 7, 2025, and may not reflect current market conditions or subsequent developments.
