According to a ChainCatcher report citing Jin10, early Wednesday trading saw a pause in the record-breaking rise of U.S. stocks. The S&P 500 index remained roughly flat, the Nasdaq 100 index fell 0.2%, and the Dow Jones Industrial Average rose 0.3%. Sameer Samana, global head of equities and real assets at Wells Fargo Investment Institute, said the market needs more information to break through current high levels. Additionally, ADP research data showed that U.S. hiring in December grew moderately, with private-sector employment increasing by 41,000, below economists' expectations. Investors are now waiting for the nonfarm payrolls data to be released on Friday.
U.S. Stocks Stagnate Amid Record Gains, Await Economic Data
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Summary
On-chain data showed that U.S. stocks paused their rally on Wednesday, with the S&P 500 flat, the Nasdaq 100 down 0.2%, and the Dow up 0.3%. ADP reported private-sector job gains of 41,000 in December, below forecasts. Traders are awaiting Friday's nonfarm payrolls and inflation data for a clearer direction. Wells Fargo's Sameer Samana said the market needs more data to push past current highs.
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