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Fed minutes released: Rate cuts likely, but path highly uncertain
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Wall Street Today | US Stocks End Weekly Winning Streak

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Moomoo Recap US joined discussion · Jan 5 15:42
Wall Street Today | US Stocks End Weekly Winning Streak
RECAP
Investors Rethink Rate Cut Bets
US equities ended Friday slightly higher, but gains weren't enough to keep major indices in the green in the first trading week of the year. The stock market ended their nine-week winning streak as investors rethink bets of aggressive interest rate cuts this year amid signs of continued strength in the labor market.
The $S&P 500 Index (.SPX.US)$ rose 0.2% to close at 4,697.24 Friday, while the $Nasdaq Composite Index (.IXIC.US)$ rose less than 0.1% to 14,524.07. The $Dow Jones Industrial Average (.DJI.US)$ was up 0.07%, to 37,466.11.
$Apple (AAPL.US)$ shed 5.9% this week after two analysts downgraded their ratings on the stock. The slump in the valuation of the company with the biggest market cap, weighed down the major indices.
MACRO
Resilient Labor Market
Nonfarm payrolls rose by 216,000 in December, higher than 170,000 gain expected by economists surveyed by Dow Jones. The U.S. Bureau of Labor Statistics also reported that unemployment rate held steady at 3.7%, adding to signs of continued resilience of the labor market.
Source: US Bureau of Labor Statistics
Source: US Bureau of Labor Statistics
The Institute of Supply Management's services index fell to a seven-month low of 50.3% as growth in new orders slowed. While the gauge that serves as a barometer of business conditions at service-oriented companies missed the estimates compiled by Dow Jones, it remained in expansion territory.
SECTORS
Oil Jitters
Oil futures rose Friday, posting a weekly gain, as mounting tensions in the Middle East fueled fears of massive disruption to crude supplies amid attacks on ships in the Red Sea by Iran-backed Houthi rebels.
Wall Street Today | US Stocks End Weekly Winning Streak
COMPANIES
Palantir Stock Downgraded
Shares of $Palantir (PLTR.US)$, a data analytics company, traded lower on Friday after Barron's reported that Jefferies analyst Brent Thilla downgraded the stock to Underperform from Neutral. The analyst also cut the price target on the stock to $13 from $18, suggesting a 20% downside from current levels, according to Barron's.
Applied Therapeutics Stock Tanks
$Applied Therapeutics (APLT.US)$ shares tanked 41% after the clinical-stage biopharmaceutical company said a Phase 3 study showed that the difference in results between patients treated with its AT-001 treatment for diabetic cardiomyopathy and those that got the placebo was "not statistically significant. "
Omega Therapeutics Retreat
$Omega Therapeutics (OMGA.US)$ tumbled 17%, giving back some of its meteoric gains on Thursday that were driven by optimism over the clinical-stage biotechnology company's research collaboration pact with Novo Nordisk. Omega shares almost doubled Thursday after the company said its flagship’s Pioneering Medicines initiative, and Novo Nordisk will jointly advance an obesity management program through preclinical development and conduct foundational activities.
Wheels Up Gains Lost Ground
$Wheels Up Experience (UP.US)$ shares climbed 17% in another volatile day as the provider of on-demand private aviation in the U.S. attempts to recoup losses posted in the past few days. On Dec. 27, the stock lost about 30% to $4.02 as trading volume shrank toward the end of the year. While it has risen for a fourth straight day, it hasn't recouped the amount it lost on the second trading day after Christmas.
Source: Bloomberg, Dow Jones, CNBC, Reuters
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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