Wed Jan 08 14:35:48 UTC 2025: ## Market Tumble Follows Weak Jobs Report; Tech Stocks Take a Hit

**New York, NY (January 8, 2025)** – Stock market futures fell Wednesday morning, following a sharp downturn Tuesday fueled by weaker-than-expected December jobs growth reported by ADP. The Nasdaq and S&P 500 suffered significant losses, falling below key support levels, while Treasury yields climbed to eight-month highs on stronger-than-anticipated economic data.

Big-cap growth stocks led the decline. Nvidia (NVDA), despite a recent record high and positive CEO comments, plummeted 6.2%, significantly impacting major indexes. Taiwan Semiconductor (TSM) also fell, while Tesla (TSLA) retreated within its recent trading range. AppLovin (APP) dropped sharply on a negative analyst note, and Palantir Technologies (PLTR) broke below a crucial long-term support level. Quantum computing stocks experienced a dive following comments from Nvidia’s CEO downplaying the technology’s near-term viability.

The Dow Jones Industrial Average closed down 0.4% Tuesday, the S&P 500 fell 1.1%, and the Nasdaq composite dropped 1.9%. The 10-year Treasury yield surged to 4.72%, reflecting increased expectations of less aggressive Federal Reserve rate cuts in 2025. Bitcoin also experienced a significant selloff.

While some analysts remain cautious, suggesting investors take profits on underperforming stocks and exercise caution before making new purchases, others point to specific stocks, such as Netflix (NFLX), that are showing relative strength. The market’s overall direction remains uncertain, with many key indexes rangebound in recent weeks. Friday’s official jobs report is expected to offer further clarity on the economic outlook.

Read More