(Bloomberg) — Equities had a dour start to the year as traders clung to wagers that a March interest rate cut was still on the table after a slew of mixed jobs and US service sector data.
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The S&P 500 eked out a 0.2% gain as Friday closed the stock market’s worst week since late October. The equities benchmark kicked off the new year by snapping its nine-week bull run. The Nasdaq 100 also squeezed out a small advance after five days of losses.
The first few days of the year started off with a selloff in 2023’s big tech winners, including Apple Inc. and Nvidia Corp.
The downbeat tone of the shortened holiday week signals rough waters ahead for equities in the first half, according to Fundstrat Global Advisors LLC’s Tom Lee. The jobs data “adds to misery of early 2024,” he said.
“The first four trading days of 2024 have been a terrible start for equities,” Lee wrote in a note to clients. “The year…
