11.02.202615:56:17UTC+00US Stocks Pull Back from Records

US stocks surrendered early gains on Wednesday as renewed pressure on software companies and expectations of a more hawkish Federal Reserve weighed on sentiment following a strong labor-market report. The Dow Jones Industrial Average fell 200 points after briefly surpassing the 50,000 mark, while the S&P 500 and Nasdaq 100 ended little changed. Nonfarm payrolls increased by 130,000 from the previous month, driven by private-sector hiring, more than double consensus forecasts, and the unemployment rate unexpectedly declined. The data highlighted continued resilience in the domestic labor market and challenged recent dovish commentary from some Federal Reserve officials. At the same time, software stocks came under renewed selling pressure amid concerns that their business models could be disrupted by AI automation tools. Salesforce, ServiceNow, and Intuit each dropped more than 5%, while Oracle and Palantir fell more than 2%. T-Mobile slid 5% after reporting weaker-than-expected subscriber growth, and Humana slipped 1% following its earnings release.