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Stock Market Today: Dow ends lower as boost from rising rate-cut hopes wanes

Published Dec 05, 2023 06:32PM ET Updated Dec 06, 2023 04:12PM ET
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Investing.com -- The dow closed lower on Wednesday, extending its sluggish start this week even as further signs of slowing job markets boost hopes that sooner rather later rate Federal Reserve cut is on the horizon.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 70 points, or 0.2%, the S&P 500 fell 0.4%, and the NASDAQ Composite fell 0.6%.

Private job gains slow in November

Data from payroll processor ADP showed that private U.S. employers added just 103,000 jobs last month, down from a revised mark of 106,000 in October. Economists had forecast an increase of 130,000 jobs.

The data arrived a day after job openings dipped to their lowest mark in over two years in October and point to a slowing job market that could not only slow the economy but also force the Fed a rate cut early next year.

The slew of the jobs data will continue on Thursday and Friday with release of weekly initial jobless claims and nonfarm payrolls, respectively.

Energy falls as oil prices plunge to drop below $70 a barrel

Energy stocks led the market lower, pressured by a fall in oil prices to below $70 a barrel, the lowest level since June on Wednesday, shrugging off a larger-than-expected draw in weekly U.S. inventories as a spike in gasoline supplies and record U.S. crude production weighed on sentiment.

Weekly U.S. inventories fell by 4.6M barrrels, compared with estimates for a decline of $1.03M, while gasoline supplies jumped by 5.4 barrels, well above expectations for a build of 1M.

The jump in gasoline supplies come just as data showed earlier this week that U.S. oil production hit a record high in September.

ExxonMobil (NYSE:XOM) fell more 1% despite detailing plans to increase the pace of its share buybacks after it closes its $60 billion takeover of shale producer Pioneer Natural Resources (NYSE:PXD).

Campbell Soup beats expectations

In corporate news, Campbell Soup (NYSE:CPB) stock rose over 7% after the food company surpassed expectations for quarterly profit on Wednesday, benefiting from higher prices for its packaged meals and snacks that helped offset a slowdown in demand from cost-conscious consumers.

Brown Forman (NYSE:BFb) stock slumped more than 10% after the whiskey-maker cut net sales forecast for 2024 as cost-conscious consumers looked at cheaper alternatives to its more pricier brands in the United States.

Cloud services provider Box (NYSE:BOX) stock fell 10% after reporting disappointing third-quarter results after the close Tuesday.

Toll Brothers rally leads homebuilders higher; MongoDB (NASDAQ:MDB) slumps despite strong results

Toll Brothers Inc (NYSE:TOL) rose 2% to lead the broader homebuilders sector higher after the luxury homebuilder reported better-than-expected quarterly results.

The company also touted optimism ahead for home buying activity after a recent slip in mortgage rates, lifting homebuilders including Lennar Corporation (NYSE:LEN) and DR Horton Inc (NYSE:DHI) higher.

MongoDB (NASDAQ:MDB) fell more than 10% even as the cloud data storage company reported quarterly results that beat on both the top and bottom lines, driven by growth in its enterprise advanced segment.

"[W]e believe MongoDB can leverage an attractive growth recipe to sustain its recent momentum," Oppenheimer said in a Wednesday note.

(Peter Nurse, Oliver Gray contributed to this item.)

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Stock Market Today: Dow ends lower as boost from rising rate-cut hopes wanes
 

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Comments (21)
Barry Nickerson
Subbuilder Dec 06, 2023 7:49PM ET
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A lot of companies are reporting high profits with the explanation of higher prices.  And then they point to the supply chain for the high prices.  (Really!!)   I just saw Pork Loins are  going on sale tomorrow, BOGO, save $7.99 a pound.  Pork futures are running at almost 1/2 the price of two years back when Taiwan was supposed to start buying all ours.  The loins were 3.99 a pound at that time.
Ri O
Ri O Dec 06, 2023 7:49PM ET
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Geed-flation
William Wasser
William Wasser Dec 06, 2023 6:57PM ET
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Biotech is headed up. Try Labu etf
lassen 2545
lassen 2545 Dec 06, 2023 5:05PM ET
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Peter and Oliver, It's not the rate cut hope waned but the general market is over bought, it needs a breath
First Last
First Last Dec 06, 2023 5:05PM ET
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That's what I said to Stan  ;-)
MarketRoller CoasterRider
MarketRoller CoasterRider Dec 06, 2023 5:02PM ET
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Moderators. Why do you allow blatantly anti-Biden posts but not blatantly anti-Trump posts?
Barry Nickerson
Subbuilder Dec 06, 2023 5:02PM ET
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You don't pay much attention to the comment boards, do you?  Read some of the comments in the politics column.
Randy Dzaman
Randy Dzaman Dec 06, 2023 5:02PM ET
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Go away. Stay on subject or go back to your mother's basement. X does your political bull.
MarketRoller CoasterRider
MarketRoller CoasterRider Dec 06, 2023 4:59PM ET
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Trump is a selfish, narcissistic, pathological liar and is a danger to our democracy and supported over throwing the election with an insurrection he knew was violent and did nothing for hours. No amount of believe in the economy under him should justify him ever being president.
CHARLES DENHAM
CHARLES DENHAM Dec 06, 2023 4:59PM ET
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you are an I d iot
Van Doza
Van Doza Dec 06, 2023 4:59PM ET
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Market Roller: as were Bush and Obama; so what’s your beef about The Trumpster as POTUS???
MarketRoller CoasterRider
MarketRoller CoasterRider Dec 06, 2023 4:56PM ET
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I will never understand how anyone can support a selfish, pathologically-lying narcissist like Trump that is perfectly willing to destroy our democracy by destroying confidence in our election system, and DOJ because his base believes his stolen election lies (and anything else he lies about). Truly choosing party over country. He has his base convinced they are coming after him because of all the charges when it is actually he is that much of a criminal that he has that many charges.
First Last
First Last Dec 06, 2023 4:46PM ET
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Stan, you're answered your own question.  "Stocks are barely down" is explained by "stocks soared over a 1000 points in November".
Stan Smith
Stan Smith Dec 06, 2023 4:32PM ET
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Stocks are barely down at all as "rate cut hopes wane". Yet the same stocks soared over a 1000 points in November on "rate cut hopes" Any explanation for this one-sided farce?
Atlantic Coast Money
Atlantic Coast Money Dec 06, 2023 3:26PM ET
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Market bottom is next 3 months.
First Last
First Last Dec 06, 2023 3:26PM ET
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broken-clock permabear bs
Nate Clute
RobinHoodJr Dec 06, 2023 3:17PM ET
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Stock market rising on bad news, in hopes of rate cuts... pathetic. Whatever happened to rising or falling on your own merit, instead of being on the government dole
First Last
First Last Dec 06, 2023 3:17PM ET
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Market is red and has been dropping since open.
 
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