The S&P 500 and Dow logged a third consecutive loss
November's delayed jobs report took investors by surprise, sending stocks lower after the unemployment rate rose to 4.6%, the highest since September 2021. Meanwhile, though nonfarm payrolls ushered in a better-than-expected 64,000 monthly gain in November, the the Bureau of Labor Statistics (BLS) announced 105,000 jobs lost in October.
The Dow and S&P 500 marked their third-straight daily drops, the former suffering its worst fall in over two weeks. The Nasdaq climbed into the black by the close, snapping a three-day losing streak as the tech selloff eased. Elsewhere, WTI crude for January-dated contracts fell to their lowest mark in four years, and robotaxi buzz pushed Tesla (TSLA) to record highs.
Continue reading for more on today's market, including:
5 Things to Know Today
- Tensions between the U.S. and European Union (EU) are ramping up again, with digital taxes front and center. (Bloomberg)
- Social media app Instagram could be coming to your TV soon, per a new beta from Meta Platforms (META). The move will allow users to watch short-form videos on a larger screen. (CNBC)
- Roku stock extended its rally on a rare double upgrade.
- New plans are on the horizon for Ford stock.
- Short-term bounce looming for quantum shares.
There were no earnings of note today.
Crude Falls to Lowest Mark Since 2021
As mentioned above, developments in the Russian-Ukraine peace deal and production output concerns sent crude futures to their lowest mark since 2021. January-dated West Texas Intermediate (WTI) crude fell $1.64, or 2.7%, to close at $58.92 per barrel for the session.
Gold prices were higher for much of the session alongside unemployment numbers, as the U.S. dollar pulled back. However, the safe haven ended up inching lower for session, with February-dated gold down 0.1% to close at $4,332.30 per ounce.