US stocks showed little change in Wednesday’s midday trading, reflecting investor reactions to new data suggesting a further cooling in the labor market. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experienced minimal movement, following an initial rise at the day’s start. This steadiness comes after the indices closed with mixed results on Tuesday.
The labor market showed signs of softening, with the ADP report on private payrolls falling short of expectations by adding only 103,000 jobs in November. This report comes on the heels of Tuesday’s data on job openings, which also suggested a slowdown, fueling optimism that the Federal Reserve might pivot towards reducing interest rates. Currently, the market anticipates at least 100 basis points of rate cuts next year. However, some strategists caution that these expectations might be overly optimistic.
In the cryptocurrency market, bitcoin witnessed a brief surge, crossing the $44,000 mark. This uptick was driven by increased interest from retail investors, buoyed by expectations of rate cuts and the prospect of upcoming spot bitcoin ETFs. Despite this, bitcoin relinquished these gains, coming off its six-day winning streak, the longest it’s seen since May.
Featured Image – Freepik
Author Kristen Moran 
