Stocks decline in early trading as investors digest latest labor market data; Bitcoin continues to decline

Major indexes fell slightly in early trading on Wednesday as stocks continued to decline following yesterday’s technology sell-off.

The Dow Jones Industrial Average fell 0.4% about a half-hour after the opening bell, while the S&P 500 and Nasdaq Composite fell 0.3% and 0.2%, respectively. Stocks fell sharply on Tuesday after surprisingly strong economic data sparked renewed concerns about where interest rates are headed.

The ADP monthly private sector employment report this morning showed that fewer jobs were added in December than economists expected, while weekly jobless claims came in lower than expected. This data is a prelude to Friday’s upcoming release of December jobs report. Market participants are watching the data closely for information that may influence the Federal Reserve’s decision-making process on interest rates.

Data released Tuesday showed that job openings in November were much greater than economists had expected. This report, along with a hotter-than-expected reading of services sector activity, underscored the continued strength of the US economy and raised concerns about whether the Federal Reserve will cut its key interest rate again.

The yield on the 10-year Treasury note, which is tied to interest rate expectations, was 4.70% this morning, up from 4.69% yesterday and trading at its highest point since April.

Large-cap technology stocks, which led the selling on Tuesday, were mixed in pre-market trading. nvidia (NVDA), Microsoft (MSFT), Amazon (Amzn) and Tesla (TSLA(was gaining ground, while Apple)Apple), alphabet (Google(and identification platforms)dead) He falls.

Software maker Palantir (Belterwhich was the best performer of the S&P 500 last year, was down 3% this morning, adding to yesterday’s 8% decline.

Microstrategy stocks (MSTR), one of the world’s largest holders of Bitcoin, and cryptocurrency exchange Coinbase Global (currency) by 2% as the digital currency continues to decline.

Bitcoin was at $95,200, down from an overnight high of about $97,000 and well below Monday’s high of about $103,000.

Gold futures rose 0.5% to $2,680 an ounce, while West Texas Intermediate crude futures were flat.