Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Stock market today: Dow wobbles on mixed economic data ahead of jobs report

Stock Markets Dec 01, 2022 04:01PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
-0.90%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.33%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BAC
-0.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-1.79%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
COST
+0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CRM
+0.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The Dow slipped Thursday following a Powell-fueled rally a day earlier as investors weighed up mixed economic data underscoring weak manufacturing activity and a still resilient consumer ahead of a key jobs report due Friday.

The Dow Jones Industrial Average slipped 0.56%, or 154 points, the Nasdaq gained 0.13% and the S&P 500 was down 0.1%.

Manufacturing activity slipped into contraction in November, falling below a reading of 50 for the first time since May 2020.

Treasury yields fell sharply as fears mount that the economy could be set for a deeper recession next year, even as the consumer remains resilient.  

Personal spending was in line with forecasts in October, underpinned by lower fuel prices, while inflation unexpectedly slipped last month.  

Financials, meanwhile, were the biggest drag on the broader market, paced by a decline in banking stocks as falling Treasury yields tend to weigh on net interest margin -- the difference between the interest income generated by banks and the amount of interest paid out to depositors.

Synchrony Financial (NYSE:SYF), SVB Financial Group (NASDAQ:SIVB), and Bank of America Corp (NYSE:BAC) slumped with the latter down more than 2%.

Tech stocks modestly added to gains from a surge a day earlier, with Apple (NASDAQ:AAPL) ending the day above the flatline despite ongoing worry about the impact of lower iPhone production.

Piper Sandler cut its forecast on fourth-quarter iPhone sales to 74 million units, down from a previous estimate of 83 million amid supply chain woes in China.

Netflix Inc (NASDAQ:NFLX), however, continued to rack up gains, rising about 4%.

Elsewhere in tech, Salesforce (NYSE:CRM) plunged 8% after unexpectedly announcing the departure of co-chief executive Bret Taylor.

On the earnings front, Costco Wholesale (NASDAQ:COST) fell more than 6% after reporting weaker than expected sales for November, raising worries about consumer spending in the run-up to the key holiday quarter.

Dollar General Corporation (NYSE:DG), meanwhile, cut its outlook on profit after reporting quarterly earnings that fell short of Wall Street estimates, sending its shares almost 8% lower.

Economic data will likely continue to garner the bulk of attention as monthly jobs data is expected to show the economy produced less jobs in November than the prior month.

“Nonfarm payroll employment growth likely slowed to 180,000 in November from 261,000 in October as evidence continues to build that increasing uncertainty is affecting hiring activity,” Nomura said in a note.

Stock market today: Dow wobbles on mixed economic data ahead of jobs report
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
Todd Carlisle
Todd Carlisle Dec 01, 2022 5:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I love watching the financial media invent reasons for market moves rather than just saying they don't know. Jobs report? Really? We had ADP and JOLTS yesterday.. but suddenly the market just can't function without this report tomorrow.. in spite of the fact Powell flat says rate hikes are going to be softer.. but we need this report to tell us what we already know? Just say you don't know why the market moved today.. profit taking.. whatever, it would make you way more credible.
Nay Taverad
Nay Taverad Dec 01, 2022 5:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dios es grande
Bubba Born
Bubba Born Dec 01, 2022 5:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Maybe..
MAP SR
MAP SR Dec 01, 2022 5:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Capital Loss max at $3,000
MAP SR
MAP SR Dec 01, 2022 5:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is horrendous
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email