© Reuters. Nasdaq 100 Snaps Longest Negative Streak In 14 Months As Tech Stocks Find Relief On Mixed Data
Benzinga – by Piero Cingari, Benzinga Staff Writer.
The Nasdaq 100 concluded the final session of the first week of 2024 on a positive note, marking a 0.15% gain and bringing an end to a five-session losing streak – the longest such downturn since October 2022. Friday’s trading session proved to be volatile for the tech index, with intraday highs reaching 16,415 and lows dipping to 16,249.
Market sentiment was influenced by conflicting economic data released on Friday, alongside remarks made by Richmond Fed Governor Thomas Barkin.
The Bureau of Labor Statistics released a December jobs report that surpassed expectations. Non-farm payrolls surged by 216,000 for the month, outperforming both the downwardly revised November figure of 173,000 and the anticipated 170,000. The unemployment rate remained unchanged at 3.7%, defying expectations of an increase to 3.8%. Furthermore, average hourly earnings exceeded estimates, rising by 4.1% year-on-year compared to the estimated 3.9%.
Economists had mixed reactions to the report, with some noting signs of cooling, mainly attributed to negative revisions in October and November, while others highlighted the continued tightness in the labor market.
The Institute for Supply Management (ISM) released a Service PMI survey that fell significantly short of expectations, plummeting by 2.1 points to 50.5 in December, compared to the anticipated 52.5.
Following these developments, Barkin stated, “the labor market appears to be gradually softening.” He added, “the U.S. is still in a situation where inflation is above the Fed’s target, and employment is near its maximum.”
Nasdaq 100 Stock Movers On Friday:
Friday’s top gainers among the holdings of the Invesco QQQ Trust (NASDAQ:QQQ) were:
Marvell Technology, Inc. (NASDAQ:MRVL) | $59.92 | 3.77% |
Walgreens Boots Alliance, Inc. (NASDAQ:WBA) | $25.00 | 3.07% |
PayPal Holdings, Inc. (NASDAQ:PYPL) | $60.13 | 2.87% |
Datadog, Inc. (NASDAQ:DDOG) | $116.00 | 2.64% |
NVIDIA Corporation (NASDAQ:NVDA) | $490.84 | 2.26% |
Friday’s top losers among large-cap tech were:
Verisk Analytics, Inc. (NASDAQ:VRSK) | $233.83 | -1.73% |
PepsiCo, Inc. (NASDAQ:PEP) | $168.91 | -1.49% |
Warner Bros. Discovery, Inc. (NASDAQ:WBDISCA) | $11.19 | -1.41% |
Gilead Sciences, Inc. (NASDAQ:GILD) | $83.30 | -1.40% |
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) | $383.93 | -1.37% |
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