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Stock Market Today: Dow ends lower, but tech strength keeps lid on losses

Published Dec 04, 2023 08:00PM ET Updated Dec 05, 2023 04:07PM ET
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Investing.com -- The Dow closed lower Tuesday, but downside momentum was curbed by rising tech stocks as Treasury yields fell after data showed labor demand fell to a two-year low.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average fell 79 points, or 0.2%, the S&P 500 was flat, while the NASDAQ Composite was 0.3% higher.

Apple reentered $3T club as tech moves higher on falling Treasury yields 

Apple Inc (NASDAQ:AAPL), up 2%, taking its value back above $3 trillion after Bank of America, citing data from SensorTower, said Apple App store revenue rose 11% during in the current quarter so far.

But UBS said that while the double digital growth was encouraging, the absolute dollars spent in the App Store "have largely been flattish month-over-month dating back to December 2022."

The move higher in Apple took its market cap back above $3 trillion mark.

As well as rise in Apple, tech was also supported by fall in Treasury yields amid a rising odds of Fed March rate cut. 

The yield on the 10-year Treasury dropped 12 basis points to 4.169%. 

Labor demand slows to boost rate cut bets; services activity improves

The JOLTS report showed job openings in the world's largest economy slipped to 8.7 million on the final day of October, down from 9.553 million on the last day of the prior month, and the lowest level in two-years. 

The softer demand for labor, pushed the odds of a March rate cut to 56%, up form 35% last week, according to Investing.com's Fed Rate Monitor Tool.

U.S. services sector activity, meanwhile, surprised to the upside last month, rising to a reading of 52.7 in November, from 51.8 the prior month.

Take-Two falls on GTA disappointment; CVS rises on guidance; Take-Two Interactive

Software (NASDAQ:TTWO) stock fell 0.5% after a trailer of the latest installment of its best-selling "Grand Theft Auto" videogame franchise was released, implying the game was arriving in 2025, later than previously expected.

CVS Health (NYSE:CVS) stock rose 3.7% after the health conglomerate forecast 2024 revenue above expectations, and detailed plans to simply its pricing on prescription drugs. The company also hiked its quarterly dividend by nearly 10%.

Procter & Gamble falls on $2B impairment charges 

Procter & Gamble (NYSE:PG) stock fell 3.5% after the consumer goods giant said it would record up to $2.5 billion in charges over two fiscal years related to writing down the value of its Gillette business and the restructuring of certain markets.

Gitlab shines on earnings stage 

Gitlab (NASDAQ:GTLB) stock soared 11% after the open-source software development platform impressed with its third-quarter results, while issuing strong guidance for the current quarter.

Bitcoin remains in spotlight after briefly topping $44,000

Bitcoin (BitfinexUSD) rose more than 4% after briefly rallying to $44,000, pushing most cryptocurrency-related stocks including Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT).    

(Peter Nurse and Oliver Gray contributed to this report.)

Stock Market Today: Dow ends lower, but tech strength keeps lid on losses
 

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Comments (18)
Merica Moment
Merica Moment Dec 05, 2023 9:01PM ET
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How much longer can the US keep this debt ponzi scheme going?
Argenis Quintero
Argenis1979 Dec 05, 2023 6:14PM ET
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TLT, TMF and other ETF bonds could be starting to fly.
Stan Smith
Stan Smith Dec 05, 2023 6:00PM ET
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Tech strength has nothing to do with it. Is GitLab the flavor of the day that saved stocks? Gimme a break. This is liquidity injections by the CB... just like last week. Money out of thin air markets. Joke!
Ac Tektrader
Ac Tektrader Dec 05, 2023 5:46PM ET
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looks like I was a day off
Casador Del Oso
Casador Del Oso Dec 05, 2023 5:30PM ET
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Tech rising on hopes of March rate cut. Imagine the swift drop off if these rate cuts don't occur.
Ac Tektrader
Ac Tektrader Dec 05, 2023 5:30PM ET
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your posts on fundamentals s are proving not to matter...this correction for now, has a high probability of being short lived.
Casador Del Oso
Casador Del Oso Dec 05, 2023 5:30PM ET
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You are absolutely right. Fundamentals are meaningless, economic indicators are useless, and FED statements should be ignored. LOL
Mitchel Pioneer
Mitchel Pioneer Dec 05, 2023 5:13PM ET
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Another routine day in the greatest financial fraud in world history.
Ac Tektrader
Ac Tektrader Dec 05, 2023 5:13PM ET
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another canned routine ignorant response about the markets, from Mitch.
M Abdullah
M Abdullah Dec 05, 2023 4:40PM ET
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EL LA
EL LA Dec 05, 2023 4:13PM ET
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3-month yield has a nice chart. I'm hoping the bond vigilantes enter from left stage soon and bring even higher yields!
Tom Michaels
Tom Michaels Dec 05, 2023 2:44PM ET
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Excuse da jour. Gotta have something to call the manipulation.
zay thar
zay thar Dec 05, 2023 2:27PM ET
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