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📉Stock Market Down on Weak Job Report
U.S. stocks closed lower on Wednesday, with markets cooling off after a strong rally in November. This decline is partly attributed to economic data indicating a gradual slowdown in the labor market.
Crude oil prices fell below $70 a barrel for the first time since early July, influenced by concerns about oversupply and weak demand. This drop in oil prices contributed to the overall market downturn, particularly affecting energy stocks.
The Nasdaq Composite, S&P 500, and Dow Jones Industrial Average all ended the day with losses. Eight out of eleven S&P sectors finished in the red, with energy being the worst performer.
ADP’s employment report showed that private-sector job growth in November was lower than expected, adding to the signs of a cooling labor market. This follows a softer-than-anticipated JOLTS report from the previous day.
The ADP report also highlighted weakness in the leisure and hospitality industry, aligning with comments from Walmart's CEO about easing hiring and wage pressures.
Despite opening in the green, U.S. stocks lost momentum and ended lower, continuing the downtrend observed in the past few days.
Treasury yields were mixed, with longer-end maturities falling and the short-end yields rising slightly.
Other economic data included an increase in the U.S. trade deficit and upward revisions in Q3 nonfarm productivity and downward revisions in unit labor costs.
Campbell Soup was the top percentage gainer on the S&P 500 after beating quarterly profit expectations. In contrast, British American Tobacco shares fell significantly following a substantial write-down on some of its U.S. brands.
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By CashcowU.S. stocks closed lower on Wednesday, with markets cooling off after a strong rally in November. This decline is partly attributed to economic data indicating a gradual slowdown in the labor market.
Crude oil prices fell below $70 a barrel for the first time since early July, influenced by concerns about oversupply and weak demand. This drop in oil prices contributed to the overall market downturn, particularly affecting energy stocks.
The Nasdaq Composite, S&P 500, and Dow Jones Industrial Average all ended the day with losses. Eight out of eleven S&P sectors finished in the red, with energy being the worst performer.
ADP’s employment report showed that private-sector job growth in November was lower than expected, adding to the signs of a cooling labor market. This follows a softer-than-anticipated JOLTS report from the previous day.
The ADP report also highlighted weakness in the leisure and hospitality industry, aligning with comments from Walmart's CEO about easing hiring and wage pressures.
Despite opening in the green, U.S. stocks lost momentum and ended lower, continuing the downtrend observed in the past few days.
Treasury yields were mixed, with longer-end maturities falling and the short-end yields rising slightly.
Other economic data included an increase in the U.S. trade deficit and upward revisions in Q3 nonfarm productivity and downward revisions in unit labor costs.
Campbell Soup was the top percentage gainer on the S&P 500 after beating quarterly profit expectations. In contrast, British American Tobacco shares fell significantly following a substantial write-down on some of its U.S. brands.