On Wednesday, U.S. stocks slightly declined from their all-time highs as global financial markets paused in response to significant recent movements.
For the 41st time this year, the S&P 500 reached an all-time high before declining 0.2 per cent. The S&P 500 opened at a declining note compared to the closing level of the previous trading session on the US bourse.
The S&P 500 rang the opening bell at 5,733.65 points, shortly after opening, the index touched a day-high of 5,741.03 points. The index saw a decling move after touching the day-high level.
The last trading day, S&P 500 touched a day-low of 5,712.06 points; the index concluded the trading session at 5,722.26 points. with 0.19 per cent decline amounting to 10.67 points in the negative territory
After setting a record the day before, the Dow Jones Industrial Average fell 293 points, amounting to 0.7 per cent, Dow Jones Industrial Average also halted the sharp upmoves after recent weeks saw a tremendous trading session touching new all-time high levels.
In previous trading session, the Dow Jones Industrial Average opened at 42,236.09 points, 28 points in green territory, shortly after opening in positive territory index started to decline and went on touch the day low level of 41,859.73 points; shuttering the trading session at 41,914.75 points.
while the Nasdaq composite increased by less than 0.1 per cent. The tech heavy index managed to close in the positive territory, after touching the day high level of 18,155.04 points, with closing level of 18,082.20 points.
The US macro data
With inflation having greatly decreased from its peak two summers ago, investors' main concern now is slowing hiring in the largest economy in the world.
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Even though there are still not many layoffs, hiring is becoming more difficult for US employers. Critics fear that as the cumulative effects of all the Federal Reserve's previous interest rate hikes become more apparent, the job market may weaken even more.
The most recent monthly report on the job market in the United States is expected to be released next week, which is the next date on the calendar that could signal a significant shift in the market.
