November 2, 2024

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US stocks trim gains as Wall Street rally eases

US stocks trim gains as Wall Street rally eases

Stocks pared early gains on Wednesday after Wall Street snapped a three-day losing streak.

The Dow Jones Industrial Average fell 80 points, or 0.2%, while the Nasdaq Composite and S&P 500 fell 0.27% and 0.11%, respectively.

Ticker protection last It changes % changes
Me: DJ Dow Jones Averages 38932.32 -65.34

-0.17%

sb 500 Standard & Poor’s 500 5234.72 -5.31

-0.10%

Me: Comb Nasdaq Composite Index 16321.017085 -45.84

-0.28%

Major indexes rose on Tuesday — giving up some of their late-afternoon gains — a day after U.S. recession fears sparked a selloff in global markets. The Dow Jones Industrial Average closed up 293.66 points, or 0.76 percent, while the Nasdaq Composite and the S&P 500 ended up 1.03 percent and 1.04 percent, respectively.

The July jobs report has provided a reliable indicator of recession.

Tuesday’s gains came on the heels of Wall Street’s worst day since 2022. The Dow Jones had lost more than 1,000 points by Monday’s closing bell as part of a selloff sparked by weak U.S. jobs data and concerns about a slowdown in the world’s largest economy.

Dow Jones Industrial Average

“While Friday’s employment report was disappointing, it wasn’t the only worrying economic indicator, it was the latest,” said Greg McBride, chief financial analyst at Wright Bank. “Add to the economic concerns the disappointing earnings, weak corporate outlooks, global turmoil and currency volatility, and you have a recipe for sudden volatility.”

Shares of major technology companies such as Nvidia and Amazon.com continued to recover after sharp declines on Monday, rising about 2% each in premarket trading.

Chip stocks also continued to recover, with popular stocks like AMD up 2%, while Marvell Technology added 2.6%.

Ticker protection last It changes % changes
NVDA program NVIDIA Corporation 101.04 -3.21

-3.08%

Amazon Amazon.com Limited 162.59 +0.66

+0.41%

AMD Advanced Micro Devices Company 131.18 +0.99

+0.76%

MRVL Marvell Technology Inc. 57.13 -1.09

-1.87%

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Japanese stocks continued their upward momentum, with the Nikkei 225 closing up 1.19%. The index on Monday had its worst day since the Black Monday crash of 1987, falling 12%.

In Europe, the Stoxx 600 rose 1.57% on Wednesday, while Britain’s FTSE 100 and Germany’s DAX also gained.

Reuters contributed to this report.

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