Weak labor market and strengthening bearish forces weaken the momentum of the US stock market rebound
According to Golden Ten Data, as reported by ChainCatcher, the rebound in the U.S. stock market has stalled due to declines in large-cap AI-related stocks and traders interpreting data showing further weakness in the labor market. The S&P 500 index opened down 0.2%, mainly due to declines in the technology and communication services sectors. Nvidia's stock price fell after SoftBank sold all its shares, cashing out $5.83 billion. Citi Research data shows that investors have increased their bearish bets on the stock market over the past week, including a net increase of $3.75 billion in short positions on the Nasdaq. ADP data shows that in the four weeks ending October 25, U.S. private sector jobs decreased by an average of 11,250 per week.
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