| The Nasdaq ended the day off its lows of the session but still tumbled 350.61 points (1.5%) to 22,904.58. The S&P 500 also slid 35.09 points (0.5%) to 6,882.72 while the narrower Dow climbed 260.31 points (0.5%) to 49,501.30. The Dow rallied sharply, boosted by an 8.2% surge in Amgen (AMGN) after its stronger-than-expected Q4 results, while 3M (MMM) and Nike (NKE) also advanced over 5%, supporting the blue-chip rebound. In contrast, tech stocks faced heavy selling as semiconductor shares tumbled, with the Philadelphia Semiconductor Index plunging 4.4%. Advanced Micro Devices (AMD) slumped 17.3% amid disappointing Q1 guidance, dragging computer hardware and networking stocks lower and weighing on the Nasdaq. Pharmaceutical stocks showed strong gains, lifting the NYSE Arca Pharmaceutical Index by 3.1%, while energy, housing, and airline shares also moved higher, partly offsetting tech weakness. Economic data showed slower private-sector job growth, with ADP reporting a 22,000-job rise in January, below expectations. Meanwhile, the ISM services PMI held steady at 53.8, signaling continued sector expansion. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index decreased by 0.8%, while China's Shanghai Composite Index advanced by 0.9%. The major European markets also ended the day mixed. The German DAX Index fell by 0.5%, the U.K.'s FTSE 100 Index climbed by 0.9% and the French CAC 40 Index jumped by 1.0%. In the bond market, treasuries showed a lack of direction before closing roughly flat for the second straight day. The yield on the benchmark ten-year note which moves opposite of its price, crept up by less than a basis point to 4.27%. Powered by Capital Market - Live News |