The S&P 500, Nasdaq 100, and Dow Jones Industrial Average ended Thursday (December 4th) relatively flat as investors focused on next week's Federal Reserve decision and weighed mixed US employment signals, which have the market highly anticipating a 25bps interest rate cut.
ADP reported a surprise decline of about 32,000 in private sector payrolls, while Challenger reported 71,321 job cuts announced in November, reinforcing expectations of easing despite weekly initial claims falling to about 191,000. Treasury yields edged higher, with the 10-year yield near 4.10%, pressuring rate-sensitive technology stocks while lifting small-cap stocks.
Intel plunged 7.5%, while Amazon fell 1.4%, Apple fell 1.2%, and Alphabet fell 0.7%. Conversely, Meta rallied 3.4% after reports that it may cut spending at its metaverse unit. Recent earnings gains at Salesforce (up 3.7%) and Dollar General (up 14%) supported some potential gains as investors weighed stronger bond yields and mixed corporate news ahead of Friday's PCE release and next week's FOMC meeting. (alg)
Source: Trading Economics
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