Market Wrap | S&P and Nasdaq Gain Amid Robust Job Growth and Rising AI Hype
1min read The U.S. stock market exhibited mixed movements on Friday, with the S&P 500 ending the day up by 0.25% at 6,090.27 points, the Dow Jones Industrial Average slipping 0.28% to 44,642.52 points, and the Nasdaq Composite climbing 0.81% to close at 19,859.77 points.
In equity movements, ADC Therapeutics saw a remarkable increase of 64.06%, TNL Mediagene surged by 50.72%, and Asana soared 43.56%. In contrast, zSpace decreased by 30.32%, Unisys Corp fell by 21.08%, and CAMP4 Therapeutics dropped 20.39%.
Globally, the U.S. labor market showed resilience with the addition of 227,000 jobs in November, surpassing the expected 220,000. However, the unemployment rate moved up slightly to 4.2%, aligning with forecasts. This labor data reflects a stronger-than-anticipated U.S. economic recovery.
In political developments, Peter Navarro's return to the White House as a trade advisor signifies a consistent and protective stance on tariffs within President Trump's economic policies, emphasizing an "America First" approach.
Additionally, President Trump nominated Perdue as the new U.S. ambassador to China. Perdue expressed his appreciation for the nomination and highlighted his commitment to implementing Trump's strategic plans to protect U.S. interests, given his extensive experience in Asia.
Economists caution that a confrontation between Trump and the Federal Reserve could arise if the promised reduction in borrowing costs does not materialize, potentially placing pressure on Fed Chair Jerome Powell.
From a market perspective, AI applications are emerging as significant investment opportunities, overshadowing traditional chip-focused investments. Stocks in AI applications, such as "AI+ Voice" and "AI+ Defense," have shown significant gains this year.
Futurist Ray Kurzweil, renowned for his accurate technological predictions, has projected that AI advancements over the next five years will surpass those of the early 21st century. As big models evolve, his prediction of computers reaching human intelligence by 2029 is gaining traction.
In technological advancements, Elon Musk's AI startup, xAI, vows to significantly expand the computing capacity of its Colossus supercomputer project. This expansion plans to include one million GPUs, aiming to compete with giants such as Google and OpenAI.
