Here are the most important news items that investors need to start their trading day:
1. Winning streaks in jeopardy
A stellar run for U.S. stock has hit a hurdle this week. The major averages could break nine-week winning streaks after a poor start to 2024. The Dow Jones Industrial Average has fallen 0.7% for the week, while the S&P 500 has dropped 1.7% and the Nasdaq Composite has shed 3.3%. The December jobs report due Friday morning will play a major role in how stocks fare in the coming days. Follow live market updates here.
2. Jobs jitters
The nonfarm payrolls report will help to determine whether the Federal Reserve starts to cut interest rates later this year, after an aggressive hiking cycle designed to tame inflation. Investors looking for a positive catalyst hope the data balances the best of two worlds. To fuel expectations of Fed rate cuts, the numbers may need to show a labor market that is growing steadily, but not so fast that it could drive price increases. Economists polled by Dow Jones expect growth of 170,000 jobs.
3. Maersk extends Red Sea diversions
4. College cash
5. PeleTok
Peleton is getting more social. Shares of the fitness company spiked after it announced a partnership with TikTok. The deal will create a hub for Peloton content including short-form fitness videos and classes on the social media platform. As it tries to reverse falling sales, Peloton has tried to expand beyond its pricey equipment and boost subscribers to its fitness content.
– CNBC’s Jesse Pound, Jeff Cox, Jenni Reid, Jessica Golden and Gabrielle Fonrouge contributed to this report.
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