Nasdaq Tumbles 150 Points; US Private Sector Adds 107,000 Jobs In January

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 150 points on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.13% to 38,517.77 while the NASDAQ fell 1.07% to 15,344.69. The S&P 500 also fell, dropping, 0.47% to 4,901.66.

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Leading and Lagging Sectors

Utilities shares rose by 0.8% on Wednesday.

In trading on Wednesday, communication services shares fell by 3%.

Top Headline

Private businesses in the U.S. added 107,000 workers in January, compared to a revised 158,000 gain in December and versus market estimates of 145,000.

Equities Trading UP

Connexa Sports Technologies Inc. CNXA shares shot up 135% to $0.47. Connexa said it has regained compliance with Nasdaq minimum shareholder equity rule.

Shares of Lytus Technologies Holdings PTV. Ltd. LYT got a boost, surging 53% to $0.1231 after falling around 7% on Tuesday.

Powell Industries, Inc. POWL shares were also up, gaining 35% to $110.52 after the company reported better-than-expected first-quarter financial results and raised its quarterly dividend.

Equities Trading DOWN

Nuvve Holding Corp. NVVE shares dropped 56% to $1.46. Nuvve announced pricing of $9.6 million underwritten public offering of 4.8 million shares of common stock at $2.00 per share.

Shares of New York Community Bancorp, Inc. NYCB were down 42% to $6.07 after the company reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend.

Remark Holdings, Inc. MARK was down, falling 41% to $0.7393. Remark Holdings shares jumped 264% on Tuesday following a Tweet from the company's X account suggesting an unconfirmed deal with Microsoft.

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Commodities

In commodity news, oil traded down 1.1% to $76.99 while gold traded up 0.3% at $2,056.80.

Silver traded down 0.1% to $23.205 on Wednesday while copper rose 0.1% to $3.9135.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.6% The German DAX fell 0.2% French CAC 40 gained 0.1% while Italy’s FTSE MIB Index climbed 0.8%.

Spain reported a current account surplus of EUR 2,765 million in November versus a year-ago surplus of EUR 4,122 million, while retail trade rose by 3.1% year-over-year in December. German jobless rate came in unchanged for a third straight period at 5.8% in January, while German import prices fell 8.5% year-over-year in December.

Producer prices in the French domestic market eased to 0.1% month-over-month in December compared to revised 2.3% increase a month ago, while consumer price inflation slowed to 3.1% year-over-year in January. The Nationwide House Price Index in the UK declined 0.2% year-over-year in January.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.61%, Hong Kong’s Hang Seng Index falling 1.39% and China’s Shanghai Composite Index dipping 1.48%. India’s S&P BSE Sensex, meanwhile, rose 0.86%.

Indian fiscal deficit narrowed to INR 9.82 trillion in April-December compared to INR 9.93 trillion in the year-ago period. Hong Kong’s economy grew by 4.3% year-over-year in the fourth quarter versus 4.1% growth in the earlier period.

Japan's housing starts fell by 4.0% year-over-year in December, while consumer confidence index in Japan rose to 38 in January from 37.2 in the prior month. The official NBS non-manufacturing PMI for China rose to 50.7 in January from 50.4 in the previous month, while manufacturing PMI rose to 49.2 in January from December's 6-month low level of 49.0.

Economics

Private businesses in the U.S. added 107,000 workers in January, compared to a revised 158,000 gain in December and versus market estimates of 145,000.

Compensation costs for civilian workers in the U.S. rose by 0.9% during the final quarter of 2023, compared to a 1.1% increase in the prior three-month period.

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