Highlights
Stocks were flat to lower Wednesday as the market reacted to a much stronger than expected jobs report. That underpinned shares on the view that the economy appears surprisingly resilient but it also raised concern that rate cuts were now less likely. The Dow Jones industrial average slipped 0.1 percent, the broader S&P 500 was flat, and the Nasdaq eased 0.2 percent. US Treasury yields rose, the dollar was mixed versus major currencies while oil and gold prices gained.
Megacaps and growth shares had a bad day while defensive sectors and value/cyclicals outperformed. Worries about negative fallout from adoption of AI continued to undercut software shares and financials. On the positive side for energy shares, oil prices rose amid reports that the US is considering seizing Iranian oil tankers.