Stocks retreated on Wednesday as investors once again moved away from key technology names.
The Dow Jones Industrials dumped 108.67 points to move into lunch hour Wednesday at 47,990.43.
The S&P 500 dropped 54.67 points to 6,745.59.
The NASDAQ fumbled 290.20 points, or 1.3%, to 22,821.26
The broader market was bogged down from losses in notable artificial intelligence stocks. Leading AI player Oracle and chipmaker Broadcom — two stocks that have led the recent rotation out of tech — were down more than 4% and more than 5%, respectively.
Fellow leading AI player Nvidia was also down more than 3%.
The U.S. Bureau of Labor Statistics released early Tuesday its November job report, which also included data from October. The findings pulled back the curtain on the U.S.' economic health following a federal data backup caused by the U.S. government shutdown this fall.
The report showed the U.S. economy shed 105,000 jobs in October, while the unemployment rate rose to 4.6% — its highest level since September 2021. However, 64,000 jobs were added in November, topping the Dow Jones consensus estimate of 45,000.
On the economic front, Federal Reserve Governor Christopher Waller and New York Fed President John Williams are slated to speak on Wednesday morning.
Traders are also looking ahead to Thursday’s release of the consumer price index reading for November.
Prices for the 10-year Treasury listed lower, raising yields to 4.16% from Tuesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices recovered 91 cents to $56.18.
Gold prices bounced $32.20 to $4,364.50.
