Stocks slid in afternoon trading on Tuesday, following a retreat from early gains, as Treasury yields rose after fresh labor data. The Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures all pointed to modest gains, but investors were cautious amid the economic backdrop.
Nvidia’s (NVDA) strong earnings report earlier in the day did little to halt the downward trend, as rising treasury yields weighed on the market. The tech giant’s shares edged higher, but still lagged behind its peers.
The labor data release also sparked concern about inflation and growth, with the unemployment rate holding steady at 3.6%. This news, combined with the rise in Treasury yields, pushed investors to seek safer assets like bonds.
Meanwhile, Moderna (MRNA) shares plummeted over 10% after a CDC report said that 66 confirmed human cases of H5N1 bird flu had occurred in the US since 2024. The Centers for Disease Control and Prevention also noted that the virus could cause severe illness and death.
In other news, Micron Technology (MU) continued to surge, driven by optimism over robust AI demand driving sector growth this year. However, investors should watch key overhead areas on the chart around $110 and $130, as well as important support levels near $97 and $85.
Aurora Innovation (AUR) shares soared 40% after announcing a partnership with Nvidia to develop self-driving trucks. The company plans to work with Continental to manufacture equipment for the driverless vehicles.
Futures pointed to modest gains for major indexes, with Dow Jones futures up 0.2%, S&P 500 futures rising 0.1%, and Nasdaq 100 futures less than 0.1%.
Source: https://www.investopedia.com/dow-jones-today-01072025-8770301