Major indices are mixed today as S&P 500 and Nasdaq Composite recovered from earlier lows into the green while the Dow Jones and Russell 2000 remain in red territory.

Bitcoin (BTC) is still holding above $100,000, although coming down from morning highs.

Six of eleven sectors are in the green, with Consumer Discretionary (XLY) in the lead. The Materials (XLB) sector is the biggest laggard, down 1.63%.

Initial Jobless Claims rose to 224,000, up from 213,000 in the prior week, and above estimates of 215,000.

However, Continuing Jobless Claims fell to 1871K, down from the negatively revised 1896K in the prior week, and less than the expectation of 1910K.

The latest Atlanta GDP sits now at +3.3% q/q for Q4’24 (from 3.2% on Monday), as private investment growth increases to 1.8% from 1.2%.

All eyes on the jobs report tomorrow which will decide whether the Fed cuts rate this month. There is a clear anxiety in the consensus for tomorrow’s numbers.  

Markets are positioned for a cut, but a very strong report could stop that from happening.