Why SoundHound AI Stock Is Sinking Today
SoundHound AI (NASDAQ: SOUN) stock is seeing a significant pullback in Friday's trading. The company's share price was down 7.3% as of 11 a.m. ET amid a 1.4% decline for the S 500 index and a 1.7% pullback for the Nasdaq Composite index.
SoundHound AI stock is getting hit hard today following the latest U.S. jobs report. While the report showed that more jobs were added last month than broadly expected, this is actually a bearish development because it makes it less likely that the Federal Reserve will cut interest rates.
The latest data shows that 256,000 net jobs were added in December, coming in far ahead of the average economist forecast for 155,000 jobs added in the period. In conjunction with the report, the yield on 10-year U.S. Treasury bonds rose to its highest level in more than a year.
Source Fool.com
