US stocks opened mixed as investors continued to rotate out of technology.
The Nasdaq Composite fell almost 1%, while the S&P 500 fell 0.3%. The Dow Jones Industrial Average hit a new record with modest gains of 9 points or 0.03%.
INTRODUCTION RECEIVED WITH 807,000 CREATED JOBS: ADP
|Me: DJI||DOW JONES AVERAGE||36820.89||+21[ads1].24||+0.06%|
|I: COMP||NASDAQ COMPOSITE INDEX||15549.319963||-73.40||-0.47%|
Dow is looking at its next 1,000 milestone with 37,000 ahead.
Tech was split between the 30 members with Intel rising over 2%, while Salesforce fell 6% after UBS cut the stock to one hold.
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Traders are looking at the first of this week’s work-related reports ahead of Friday’s job report in December.
The payroll processing company ADP reported the creation of 807,000 jobs in the private sector, more than double the estimate of 400,000.
The final Markit Services PMI for December also reached a reading of 57.
and investors are also awaiting the minutes of the Federal Reserve’s last policy meeting in December, which will be published on Wednesday.
Automakers are still in focus with General Motors CEO Mary Barra unveiling the electric Chevy Silverado at the Consumer Electronics Show.
|GM||GENERAL MOTORS CO.||64.58||-1.16||-1.76%|
|F||FORD MOTOR CO.||23.67||-0.65||-2.66%|
GM and Ford are both fighting to lead the EV transformation among traditional carmakers. On Tuesday, Ford announced that it will double the production of its electric F-150 truck.
In addition, Amazon and Stellantis announced an agreement to merge to develop auto software.
In health, CDC is considering Pfizer’s COVID-19 vaccine enhancer for ages 12-15 years.
Walmart is stepping up its home delivery with plans to expand to 30 million homes this year. It is also planned to employ 3,000 drivers. The move is aimed at retail giant Amazon.
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In commodities, oil rose 1% to $ 78 a barrel, while gold rose 0.7% to $ 1,827 an ounce.
|USE||UNITED STATES OIL FUND LP||56.23||+0.65||+1.16%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||170.83||+1.26||+0.74%|
Asian benchmarks fell mostly on Wednesday as technology stocks in the region repeated a similar fall in the sector on Wall Street.
Japan’s Nikkei 225 benchmark rose 0.1%, Hong Kong’s Hang Seng fell 1.6% and China’s Shanghai Composite lost 1.0%.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.