US Stocks Market Overview – Stocks Drop Led by Nasdaq; Energy Bucks the Trend

US stocks tumbled on Wednesday, led lower by the Nasdaq which saw a round of profit-taking. Most S&P 500 index sectors were down, led by technology shares, while energy shares bucked the trend. Door Dash had its initial public offering on Wednesday, with the shares soaring 80%. Crude oil prices remained buoyed despite a larger than expected build in crude oil inventories. Job openings eased in December, according to Ziprecruiter. The VIX volatility index rebounded 9%, recapturing the 22 levels. The Dollar moved higher along with yields.

Door Dash will be followed on Thursday with an IPO from Airbnb Inc. which is expected to price its shares above its already increased targeted range. Earlier this week, it boosted the targeted range to between $56 and $60 a share as investors express enthusiasm for the stock at a price above that range and as the stock market continues its march upward.

Job Openings Ease

The number of job openings in the U.S. edged down slightly in the first week of December, a sign of a softening labor market amid an upsurge in coronavirus infections and ebbing fiscal support for households. There were an average of 10.7 million job openings posted each day on online sites across the U.S. this month, down slightly from November’s 10.9 million, according to data from job-search site ZipRecruiter.

COVID Relief Talks Hit a Snag

Congress has hit a wall again in efforts to send help to Americans during a coronavirus outbreak. After days of trying to reach a relief deal, lawmakers as of Wednesday afternoon had not resolved a range of issues preventing an agreement. On Tuesday the Senate said they would move forward with a deal that would not give any money to states but would not try to insulate business from liability. That seemed to fall on deaf ears.