US stocks were mixed in the afternoon trading as investors rotated to finance and continued to reduce growth names.
The Dow Jones Industrial Average reduced its losses by 96 points or 0.3%, while the S&P 500 and Nasdaq Composite reduced their losses, but remained a fraction lower.
|Me: DJI||DOW JONES AVERAGE||36344.47||+1[ads1]08.00||+0.30%|
|I: COMP||NASDAQ COMPOSITE INDEX||14945.106447||-135.76||-0.90%|
Bonds continued to rise. The yield on the 10-year treasury rose to almost 1.8%, a two-year high. Financial equities rose as higher returns bode well for banks.
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||41.16||+0.46||+1.14%|
|JPM||JPMORGAN CHASE & CO.||167.01||+1.48||+0.89%|
|BAC||BANK OF AMERICA CORP.||49.12||+0.98||+2.05%|
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In economic news, non-farm wages increased by 199,000 in December less than the 400,000 economists expected, even though unemployment fell to 3.9%. “Leisure and hospitality, in professional and business services, in production, in construction and in transport and warehousing” added workers according to the Ministry of Labor.
FED, OPECS PUNY PRODUCTION MOVES OIL TO 80 USD
Oil briefly peaked at $ 80 a barrel, putting oil producers on the radar.
|USE||UNITED STATES OIL FUND LP||56.65||-0.24||-0.43%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||21.97||0.00||0.00%|
|XOM||EXXON MOBIL CORP.||68.94||+0.62||+0.91%|
UNEMPLOYMENT REQUIREMENTS RECOMMEND UP TO 207,000, BUT CONDITIONS NEARLY HALF YEARS
Shares in GameStop Corp rose after a Wall Street Journal report said the retailer was launching a division to develop a marketplace for non-fungible tokens (NFTs) and establish cryptocurrency partnerships.
GAMESTOP SHARES MAKE PLANS TO ENTER THE NFT AND CRYPTOCURRENCY MARKETS
Big technology names, including Apple, Amazon and Microsoft, jumped between losses and gains during the session.
Separately, Apple CEO Tim Cook earned nearly $ 100 million in compensation last year, per SEC filing.
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Ford continued to climb after announcing earlier this week that it would double production of the F-150 Lightning.
|F||FORD MOTOR CO.||24.63||+0.18||+0.74%|
Papa Johns’ shares are higher after announcing plans for an aggressive rollout in southern China with plans to open 1,350 new stores by 2040.
|PZZA||PAPA JOHN’S INTERNATIONAL INC.||127.60||+1.68||+1.33%|
and in cryptocurrencies, Bitcoin continued its free fall which is now trading around the $ 41,000 level, a low level of five months.
The movement hits crypto-related exchange traded funds and stocks.
|BITO||PROSHARES TRUST BITCOIN STRATEGY ETF||26.30||-0.98||-3.61%|
|BITQ||EXCHANGE TRADE CONCEPTS SAD BITWISE CRYPTO INNOVATORS E||18.82||-0.32||-1.69%|
|COIN||COINBASE GLOBAL INC.||230.51||-3.49||-1.49%|
In Asia, Tokyo’s Nikkei 225 index fell less than 0.1%, Hong Kong’s Hang Seng jumped 1.8% and China’s Shanghai Composite index fell early to 0.2%.
A resurgence of coronavirus outbreaks has increased the uncertainty surrounding a revival of tourism and other business activity across Asia.
FOX Business’ Ken Martin and The Associated Press contributed to this report.