Nasdaq lower for fifth straight day

The Nasdaq Composite extended its decline on Thursday, marking a fifth consecutive session of losses, the longest since October 2022. Closing at 14,510.30, the tech-heavy index dropped 0.56%, with a nearly 4% loss since December 27. The S&P 500 also slid 0.34%, recording a fourth consecutive day of declines, finishing at 4,688.68. In contrast, the Dow Jones Industrial Average managed a marginal gain of 0.03%, closing at 37,440.34. Mega-cap tech stocks, notably Apple, faced underperformance amid concerns about stretched valuations and uncertainty surrounding Federal Reserve rate cuts. Apple stock declined over 5% this week, exacerbated by recent downgrades.

December Payrolls out tonight

The December jobs report hits later tonight, with markets looking for a 170,000 increase in nonfarm payrolls and an unemployment rate of 3.8%. Traders think the acceptable range is really something like 100,000-250,000.