Home Editor's Picks Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data

Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data

by

Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data By Investing.com

Breaking News

‘;

Stock Markets 31 minutes ago (Dec 02, 2022 04:11PM ET)

(C) Reuters.

By Yasin Ebrahim

Investing.com — The Dow ended higher Friday, cutting losses on dip-buying momentum in the close after shrugging off a red-hot jobs report that could encourage the Federal Reserve to keep rates higher for longer.

The Dow Jones Industrial Average gained 0.10%, or 34 points, the Nasdaq fell 0.19%, and the S&P 500 fell 0.1%.

The U.S. economy racked up 263,000 job gains in November, well above the 200,000 economists had forecast, but worryingly for the Fed average hourly wages rose by a much more than expected 0.6%, keeping elevated inflation fears front and center.

“This morning’s stronger-than-expected headline rise in employment coupled with a larger-than-expected gain in wage pressures reinforces the need for the Fed to remain focused on taming inflation,” Stifel said in a note.

Treasury yields lost some steam but remained in the ascendency as investors renewed bets on the Fed’s peak level of interest rates, or the terminal rate, rising above 5% next year.

Technology stocks were back in the firing line amid expectations for higher for longer rates, with Apple (NASDAQ:AAPL) falling 0.3% to lead big tech to the downside.

Chipmaker Marvell Technology (NASDAQ:MRVL) closed in the red, but well off session lows despite delivering softer guidance and weaker-than-expected third-quarter results.

The weaker fiscal fourth-quarter guidance ahead comes as the chipmaker works its way through overloaded inventory, a process likely to continue into next year.

“We believe MRVL is undershipping end demand in F4Q…to aggressively lower customer/channel inventory, a process that is likely to continue into F1Q,” Deutsche Bank said in a note.

Energy stocks were dragged lower by a slip in oil prices ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

Pointing to OPEC+’s decision to opt for a virtual meeting rather than an in-person meeting, RBC said the group’s decision to opt for “no-drama optics seemingly increases the likelihood of a rollover decision.”

EQT (NYSE:EQT), Valero Energy (NYSE:VLO) and Marathon Petroleum (NYSE:MPC) were among the biggest decliners in the energy sector.

Stock market today: Dow up as dip buyers shrug off fed fears amid strong jobs data

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News