S&P 500 and Dow Fall for Third Straight Session, Nasdaq Gained
The S&P 500 slipped for a third straight day, falling 0.24% to close at 6,800.26, the Dow Jones Industrial Average dropped more sharply, losing 302.30 points, or 0.62%, to finish at 48,114.26, as per a CNBC report. The Nasdaq Composite managed to buck the trend, edging up 0.23% to end the session at 23,111.46.
November Jobs Report Sends Mixed Signals
Markets reacted to the delayed release of November’s jobs report, which showed the US economy added 64,000 jobs during the month, according to the Bureau of Labor Statistics. That figure came in above economists’ expectations of 45,000 jobs, as per the CNBC report.
However, the report also revealed that October payrolls were revised lower, showing a loss of 105,000 jobs. The unemployment rate climbed to 4.6%, slightly higher than the 4.5% forecast, adding to concerns about slowing momentum in the labor market, as per the CNBC report.
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Fed Rate Cut Expectations Remain Unchanged
Despite the mixed signals, expectations around Federal Reserve policy remained largely unchanged. The CME FedWatch Tool showed futures traders pricing in a 24% chance of a rate cut next month, the same odds as the previous day.
Analysts See US Economy “Catching Its Breath”
Gina Bolvin, president of Bolvin Wealth Management Group, explained that, “Today’s data paints a picture of an economy catching its breath,” as quoted by CNBC. Bolvin said that “Job growth is holding on, but cracks are forming. Consumers are still standing, but not sprinting. This combination gives the Fed more freedom to pivot without panic — and gives investors a reason to lean into quality, income, and long-term themes rather than short-term noise,” as quoted in the report.ALSO READ: All For Love movie starring Whitney Leavitt: Everything we know about her first feature film set to release next year
Energy Stocks Slide as Oil Hits Multi-Year Lows
Energy stocks were among the hardest hit as US crude oil prices sank to their lowest level since early 2021, as per the CNBC report. Shares of major oil producers Exxon Mobil and Chevron each fell about 2%, while ConocoPhillips and Marathon Petroleum also declined.
Tech Stocks Mixed Amid AI Profit-Taking
Technology stocks were mixed, following losses earlier in the week. On Monday, profit-taking in high-profile artificial intelligence names weighed on the broader market, with companies such as Broadcom, Oracle, and Microsoft closing lower. Some investors have been rotating out of high-flying tech stocks into more defensive sectors like health care and utilities.
Eric Diton, president and managing director at The Wealth Alliance told CNBC, “It’s completely normal for the AI trade and the tech trade to sell off and and take a breather,” adding, “Are there risks? Of course,” he added. “But is this an unhealthy market? No, we’re actually seeing a broadening of the market.”
Stock Market Winners Today: Financials and Tech Lead Market Gainers
On the winners’ side, financial and technology stocks dominated the day’s strongest performers. Buy now, pay later company Sezzle surged 10.8% after announcing a $100 million stock buyback program, while competitor Affirm jumped 9%, as per The Street report. Data center REIT Fermi gained 9.8% as shares rebounded following recent losses tied to leasing concerns. UBS Group rose 4.8%, boosted by institutional activity and easing Swiss regulatory pressures.
Stock Market Losers Today: Energy and Biotech Stocks Weigh on the Market
Meanwhile, energy stocks led the list of laggards. Travel platform Navan Inc plunged 14.3% after reporting earnings that showed widening losses following its IPO and announcing the departure of its chief financial officer, as per The Street report. PBF Energy dropped 9.5%, while biotech firms Arrowhead and Corcept Therapeutics each fell more than 9%. Semiconductor company AMKOR declined 9%, and optical and photonics firm Lumentum Holdings slid 6.6%.
FAQs
Why did the S&P 500 fall again today?
Investors reacted cautiously to mixed jobs data and continued sector rotation.
What did the November jobs report show?
The report showed 64,000 jobs added, but also a rise in unemployment to 4.6%.
