The Dow Jones Industrial Average faced renewed downside pressure on Tuesday, tumbling 680 points from the previous day's close at its lowest before finding a half-hearted technical floor near 46,255. The major equity index has pushed into a fourth consecutive bearish day as investors face headwinds on multiple fronts.
US labor data continues to tease around the edges of a steepening downturn after US Initial Jobless Claims came in within familiar territory, rising slightly to 232K from the previous print of 219K. ADP's Employment Change 4-week average improved to -2.5K from the previous -11.25K, but still remains in negative territory.
The figures, while not necessarily downbeat on a release-to-release basis, highlight the growing difficulty for the US economy to generate fresh employment opportunities, a requisite for the thundering economic growth that global markets and the Trump administration both require to hit their forecasts and expectations.
The AI rally's chic chip magnet, Nvidia (NVDA), fell another 1.4% on Tuesday, slipping below $185 per share. Nvidia is down over 15% from record highs posted at the end of October, and has closed in the red or next to flat for all but three of the last 14 consecutive trading sessions. Nvidia's latest quarterly report is due after the closing bell on Wednesday.
Source: Fxstreet
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