Last Updated 4:30PM EST
After another round of economic data, stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.39%, 0.41%, and 0.36%, respectively. The consumer staples sector (XLP) was the session’s laggard, falling 0.69%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 1.08%.
It’s worth mentioning that consumer inflation expectations dropped substantially over the past month. Indeed, one-year inflation expectations dropped from 4.5% in last month’s report to 3.1% today, according to the University of Michigan. In addition, consumer sentiment increased from 61.3 to 69.4.
Furthermore, the U.S. 10-year Treasury yield increased to 4.23%, while the Two-Year Treasury yield also gained, hovering around 4.72%. This brings the spread between them to -49 basis points.
Last updated: 9:30AM EST
Stocks opened lower on Friday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) down by 0.35%, 0.15%, and 0.05%, respectively, at 9:30 a.m. EST, December 8.
The November jobs report indicated that the labor market continued to be strong. Non-farm payrolls increased by 199,000 in November, topping the economists’ forecasts of 180,000 jobs. This was an increase from 150,000 jobs in October, unrevised from its initial release.
Meanwhile, unemployment slipped to 3.7% in November compared to consensus estimates of 3.9%. The unemployment rate stood at 3.8% in October. Interestingly, the healthcare and government sectors saw job gains of 77,000 and 49,000, respectively, during the month. The manufacturing sector saw the number of jobs rise by 28,000 as auto workers returned to work after the UAW strikes. In contrast, the retail sector saw employment falling by 38,000 in November.
First published: 3:28AM EST
U.S. Futures are jittery on Friday morning as investors await the release of the highly anticipated Non-Farm Payrolls report. This report holds the potential to significantly impact the Federal Reserve’s monetary policy decisions. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.25%, 0.17%, and 0.1%, respectively, at 3:26 a.m. EST, December 8.
Two of the three major indexes are poised for a sluggish finish to the trading week, largely due to the release of private payrolls and job openings data earlier this week. The private payrolls report revealed signs of weakness in the labor market, while the job openings data indicated a decline to its lowest level since March 2021.
All eyes are on the crucial jobs report today, scheduled for release at 8:30 a.m. EST. The U.S. is expected to have added 190,000 jobs in November, compared to 150,000 job additions in October. Any deviation from expectations could make markets volatile today. Among other key economic releases, the University of Michigan’s preliminary consumer sentiment data for December is also set for release today.
Turning to stocks, Alphabet (GOOGL) added 5% yesterday after the company unveiled its new artificial intelligence model called Gemini. Furthermore, the stock of Advanced Macro Devices (AMD) gained nearly 10% after the company projected a $45 billion market size for its data center AI chips in the current year.
Meanwhile, oil prices recovered at the time of writing on news that Saudi Arabia and Russia have urged more OPEC+ members to implement production cuts. As of the last check, the WTI crude oil futures were trading near $70.72 per barrel.
Elsewhere, European markets are trading higher on Friday ahead of the release of the November German inflation report and the U.S. November jobs report.
Asia-Pacific Markets End Mixed on Friday
Asia-Pacific indices ended mixed on Friday. In Japan, the third-quarter GDP was revised downward, raising concerns about the country’s economic recovery. Meanwhile, India’s central bank kept its benchmark lending rate unchanged, as expected.
Hong Kong’s Hang Seng index closed lower by 0.07%, while China’s Shanghai Composite and Shenzhen Component indexes ended up by 0.11% and 0.36%, respectively.
Japan’s Nikkei and Topix indices finished lower by 1.68% and 1.5%, respectively.
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