US Stocks Give Up Gains

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U.S. stocks struggled to keep the mid-session upward momentum on Friday, fluctuating between minor gains and losses, fueled by conflicting macroeconomic data, introducing uncertainty regarding the Federal Reserve’s forthcoming decisions. The S&P 500 and the Nasdaq 100 both were up 0.2%, while the Dow Jones was hovering near the flatline. New data showed that 216,000 net jobs were added to the economy this year, sharply above expectations, while wages accelerated to lift Treasury yields and scale back the extent of rate cuts projected by the Fed this year. Shortly after, a softer-than-expected ISM Services PMI print reinstated the market’s position that the central bank is likely to start its cutting cycle by March. Nvidia and AMD shares pulled through the volatility to add over 2% each. On the other hand, healthcare shares underperformed, with a 2% decline for United Health weighing on the Dow. The three major indices were on track to book first losing week in the last ten weeks.


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