US Stocks Waver, Set to Snap 9-Week Winning Streak

Wall Street’s major indexes were trading near the flatline in a volatile afternoon session, as traders digest the latest economic data and assess the future path of the US monetary policy. Fresh data showed that in December the US economy added 216K payrolls, way above estimates of 170K, 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 1.4% decline for United Health weighing on the Dow. The three major indices are poised to snap a nine-week winning streak.

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