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Stock Market News for Dec 6, 2023

Market News

Wall Street ended mixed on Tuesday, driven by jobs data for October. Market participants expect the Federal Reserve to maintain the interest rates during its two-day policy meeting. The Dow and the S&P 500 ended in negative territory, while the Nasdaq Composite finished in positive territory.

How Did The Benchmarks Perform?

The Dow Jones Industrial Average (DJI) fell 0.2%, or 79.88 points, to close at 36,124.56. Notably, 16 components of the 30-stock index ended in negative territory, while 14 were in green.

The tech-heavy Nasdaq Composite climbed 0.3% to close at 14,229.91.

The S&P 500 fell 0.1% to end at 4,567.18. Out of 11 broad sectors of the benchmark, nine ended in negative territory, while two finished in green. The Energy Select Sector SPDR (XLE), the Materials Select Sector SPDR (XLB) and the Consumer Staples Select Sector SPDR (XLP) declined 1.8%, 1.4% and 0.8%, respectively, while the Technology Select Sector SPDR (XLK) advanced 0.6%.
The fear-gauge CBOE Volatility Index (VIX) decreased 1.8% to 12.9. A total of 11.9 billion shares were traded on Tuesday, lower than the last 20-session average of 10.6 billion. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 83 new highs and 69 new lows.

JOLTS Report Drives the Market

Job Openings and Labor Turnover Survey Report (JOLTS) for October was released on Tuesday. The report showed that job openings in the United States decreased by 617,000, reaching a total of 8.73 million the lowest since March 2021. Additionally, the report highlights a decline in the job openings to unemployed ratio, which reached 1.34 in October, marking the level since August 2021.

In terms of hiring, there was a decrease of 18,000 to reach a total of 5.886 million. Notably, there were declines in job opportunities within the accommodation and food services sector, which had previously been a driver of employment growth. Resignations also saw a decrease of 18,000 to reach 3.628 million while maintaining a quits rate of 2.3%. This decline could potentially provide some relief from wage inflation concerns. On the other hand, layoffs increased slightly to reach 1.642 million, with upticks observed within the transportation, warehousing and utilities industries.

The Federal Reserve, closely monitoring labor market data, may find this decline aligning with its goal of managing inflation. Investors expect to maintain unchanged interest rates in its upcoming two-day policy meeting.

Consequently, shares of Apple Inc. AAPL and NVIDIA Corporation NVDA jumped 2.1% and 2.3%, respectively. NVIDIA carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Economic Data

The Institute for Supply Management (“ISM”) reported that the ISM Services Index for November had come in at 52.7. The number for October was unrevised at 51.8.

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