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Wall Street Opens Mixed on Ambiguous Jobs Report; Dow up 40 Pts

Stock MarketsDec 03, 2021 09:52AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened mixed on Friday, on course to end the week lower after a hard-to-read employment report that failed to dispel worries about labor shortages and inflationary pressures, despite a sharp slowdown in headline jobs growth.

By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average was up 41 points, or 0.1%, at 34,681 points. The S&P 500 was also up 0.1% but the Nasdaq Composite was down 0.4%, amid suspicions that the report will do little to convince the Federal Reserve to change its mind about hurrying up the end of its bond purchases. James Bullard, the hawkish head of the St. Louis Federal Reserve, said that the Fed needs to complete the phase out of its quantitative easing program no later than March next year.

The Labor Department had said earlier that nonfarm payrolls grew by only 210,000 in October, the smallest monthly gain all year and well below the 550,000 consensus forecast. However, other parts of the report painted a brighter picture, with the unemployment rate falling to 4.2% as labor force participation rose to its highest level since the start of the pandemic. Both permanent and temporary layoffs also fell to their lowest level in over a year. 

Reinforcing the impression of an economy that is still running hot in many places, the Institute of Supply Management's non-manufacturing PMI surged to a new record high of 69.1 in November, well above expectations.

The market also remained under pressure from pandemic newsflow. The World Health Organization said it has now detected the Omicron variant of Covid-19 in 38 countries, up from 23 only two days ago. Preliminary findings presented by authorities in South Africa - where the variant was first detected - suggest that Omicron is not only more contagious than the Delta variant that has dominated this year's statistics, but is also more likely to affect younger age groups. 

Among early movers DocuSign (NASDAQ:DOCU) stock stood out, losing nearly 40% after the company warned late on Thursday that its billings growth is slowing, another anecdotal sign that corporate behavioral shifts due to the pandemic are starting to reverse. The company had been one of the biggest beneficiaries of the move to the hybrid work model that needs software to support remote work in an ever broader range of applications.  However, it also boasted one of the most stretched valuations of any established company, with its market value being some 20 times expected sales this year. 

Smith & Wesson (NASDAQ:SWBI) stock was another big loser, the gunsmith falling 25% to a seven-month low after reporting a 7% quarterly drop in sales in the last quarter as the hoarding of guns and ammunition in the wake of the pandemic and the hotly-contested U.S. elections last year subsided. Tesla (NASDAQ:TSLA) stock fell another 4.1% amid continued selling by CEO Elon Musk.

Elsewhere, Chinese ADRs slumped after Didi Global's (NYSE:DIDI) confirmation of its plans to delist triggered fears of a disorderly exit from U.S. capital markets under regulatory pressure on both sides of the Pacific. Didi ADRs fell 15%, while Alibaba ADRs (NYSE:BABA) fell 10.2% and Pinduoduo (NASDAQ:PDD) ADRs fell 11.2%

Wall Street Opens Mixed on Ambiguous Jobs Report; Dow up 40 Pts
 

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Comments (14)
Stan Smith
Stan Smith Dec 03, 2021 11:42AM ET
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Why are CEOs and corporate insiders selling their stocks at a far faster rate than we have ever seen before? Do they know something...shhhh we need more bag holders
Emin Mammadzada
Emin Mammadzada Dec 03, 2021 11:42AM ET
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Just shady manipulation.
Emin Mammadzada
Emin Mammadzada Dec 03, 2021 11:28AM ET
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Sicken of ******* Covid and all these shady and vomiting manipulations !?
Franco Dominguez
Franco Dominguez Dec 03, 2021 11:24AM ET
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DIDI made a good decision, a lot of sues against tech, manipulation, laundry
S S Shet
pingo_0070 Dec 03, 2021 11:11AM ET
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hey guys .. change the headline please..it's not mixed .. it's all red ..
Ron Love
Ron Love Dec 03, 2021 11:11AM ET
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Most articles this website posts have wrong headlines within an hour of the article being posted, nothing new.
Mike Wellons
Mike Wellons Dec 03, 2021 11:08AM ET
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Why does the Fed feel removal of quantitative easing is necessary by March? Why wouldn't high oil prices and high inflation be enough to slow the economy to stifle inflation, and therefore self correct itself, without the need for Fed manipulation? Fed manipulation may overcurrent, let the markets find their own equilibrium.
Jon Bal
Jon Bal Dec 03, 2021 11:08AM ET
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its not like that stuff is being paid for in cash.. US consumers will happily borrow their life away
Ricardo Diogo
Rcd72 Dec 03, 2021 11:08AM ET
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quantitative easing is inflation engine!it should have never happened!useless and damaging
Pratt Man
Pratt Man Dec 03, 2021 11:01AM ET
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You all want stuff made in America, it causes some inflation. All time record Americans working, incomes going up at the fastest place in 20 years and fedear tax receipts rising fast. Joe has saved us from the disaster known as the Trump experiment.
Robert Ivan
Robert Ivan Dec 03, 2021 11:01AM ET
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except if stuff was being made in america we would have a record jobs report not a terrible one that underperformed by 63%
Robert Ivan
Robert Ivan Dec 03, 2021 11:01AM ET
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except if stuff was being made in america we would have a record jobs report not a terrible one that underperformed by 63%
Ron Love
Ron Love Dec 03, 2021 11:01AM ET
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Historically low unemployment when Trump was President. Biden’s job approval number on the verge of dipping into the high 20% area. 🤣
Mark Stallone
Mark Stallone Dec 03, 2021 10:57AM ET
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RELAX. High inflation, open border, dismal job reports, empty shelves. It's all part of Building Back "Better". L.G.B.
Pratt Man
Pratt Man Dec 03, 2021 10:57AM ET
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Incomes rising the fast in decades manufacturing in America growing, American jobs growing.. this is what America First really looks like. Go Joe!!!
Mark Stallone
Mark Stallone Dec 03, 2021 10:57AM ET
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literally the most incompetent, divisive President in American history. A complete Dumpster Fire administration.
ben sc
ben sc Dec 03, 2021 10:47AM ET
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only 300k jobs off for October. what's not to love! oh look the sell-off continues
Mitchel Pioneer
Mitchel Pioneer Dec 03, 2021 10:33AM ET
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And to add, gotta love the way the "buying" magically stops when the DOW breaks even.  It's a breaker controlled comedy and a fraud of epic proportions.
Mitchel Pioneer
Mitchel Pioneer Dec 03, 2021 10:31AM ET
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Another miracle reversal underway...Remarkable how "rallies" don't follow the same predictable pattern in reverse.  Criminally manipulated, predictable joke.
Mike Wellons
Mike Wellons Dec 03, 2021 10:31AM ET
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Who do you claim is doing the criminal manipulation?
Ron Love
Ron Love Dec 03, 2021 10:31AM ET
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Mike Wellons Aliens. 👽
Invest Right
Invest Right Dec 03, 2021 10:15AM ET
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Short squeeze yesterday, selling resumes today and into next week most likely. Sell everything until FOMC on Dec 14-15. If no positive murmurs from the Fed at that time either, then prepare for the worst.
Rob Chan
Rob Chan Dec 03, 2021 10:13AM ET
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Thumbs down from mute people without logic doesn't help....lmao
Rob Chan
Rob Chan Dec 03, 2021 10:07AM ET
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Oh yeah, let the pre market manipulation begin. now we have 3 people with new strain of covid, and no one has job or money.... what about the huge money released in market and inflation touching sky. Home market sky rocket with unreasonable prices. Unemployed people are buying those correct ?
Victor Ho
Victor Ho Dec 03, 2021 10:07AM ET
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Think of what you can do for the country FIRST....that is the meaning OF AMERICA FIRST
Ron Love
Ron Love Dec 03, 2021 10:07AM ET
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Seems you double-fist the FUD with soup spoons in each hand.
John Klan
John Klan Dec 03, 2021 10:04AM ET
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They only missed expectations by 120 percent. What a disaster this administration's been.
Ron Love
Ron Love Dec 03, 2021 10:04AM ET
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Just wait until 30%-35% of all the truck drivers quit next January over the vax mandate. You think there is a supply bottleneck now? 🤣
 
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