US Markets Today: S&P 500, Nasdaq Tick Lower Amid Mixed Reactions To Economic Data

The main US stock market indices rebounded on Wednesday amid projections of an economic slowdown revealed by the government job data.

The S&P 500 opened 0.12% or 8.24 points higher at 6,808.50, Dow Jones Industrial Average opened 0.13% or 61.69 points higher at 48,175.95 and tech-heavy Nasdaq opened 0.06% or 14.02 points higher at 23,125.48.

However, both S&P 500 and Nasdaq erased gains in the early minutes of trade and to trade in the red.

As of 10:11 a.m. EST or local time, Dow Jones traded 0.44% or 212.85 points higher at 48,327.11. S&P traded 0.07% or 4.46 points lower at 6,795.80, while Nasdaq declined 0.23% or 53.92 points to trade at 23,057.54.

The US economic data, which revealed that the unemployment rate reached a four-month high in November, has been a mixed bag for the investors.

The Magnificent Seven stocks traded mixed, with bellwether company Nvidia Corp. down 1.85% to $174.43, Apple Inc. up 0.22% at $275.26, Google-parent Alphabet Inc. down 2% at $300, Tesla Inc. rising 0.51% to $492.31 and Meta Platforms down 0.1% at $656.53.

Furthermore, shares of Microsoft Corp traded 0.08% up at $476.9 and Amazon.com Inc. also traded 0.76% higher at $224.27.

In the commodities market, spot gold rose for a seventh session, up nearly 1% to $4,344.16 an ounce. On the other hand, spot silver prices rose 3.60% to $66 per ounce.

Crude oil prices broke their losing streak, with West Texas Intermediate trading 1.72% higher at $56.07 a barrel and Brent crude trading 1.71% up at $59.93 a barrel.

The Bloomberg Dollar Spot Index rose 0.2%. While the euro 0.1% to $1.1734, the British pound fell 0.5% to $1.3352, and the Japanese yen fell 0.5% to 155.57 per dollar

Bitcoin, the largest traded cryptocurrency, fell 0.2% to $87,543.23.