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US stocks traded mixed on Tuesday following the release of key economic indicators. The S&P 500 and Dow Jones Industrial Average declined by 0.5%, while the NASDAQ 100 dropped by 0.4%. The Stoxx Europe 600 also fell by 0.7%. This happened after job market growth slowed. However, it did not have any significant impact on Federal Reserve interest rates.
The latest employment data released by the Bureau of Labor Statistics suggested that nonfarm payrolls rose by 64,000 in November. The unemployment rate increased to 4.6%, its highest level since 2021. The numbers showed that the labor market is cooling but not weakening.
Analysts said the report offered a mixed view of labor market. While soft enough to support earlier rate cuts, the data did not provide clear evidence for deeper reductions in near-term interest rates. Many investors are now watching upcoming inflation figures closely, as they could guide the Federal Reserve’s policy path early next year.
October’s retail sales data, which was delayed by the recent government shutdown, showed little change from the previous month. The Commerce Department reported that overall retail purchases were flat, with declines at auto dealerships and gasoline stations offset by strength in other categories.
Market analysts said that flat retail sales in general have the potential to change the market atmosphere.
Consumer expenditure will be the main factor in understanding the condition of the economy and ongoing data releases can be very helpful for market participants to see if the demand is going to sustain in the next months.
The energy sector was one of the underperforming sectors among the major market groups due to declining oil prices. West Texas Intermediate crude contracted by about 3.1% to close around $55.05 per barrel. This was primarily a result of concerns about demand as well as uncertainties in the commodity market.
Traders said broader economic pressures and central bank policies worldwide continue to influence oil prices. Commodity market performance remains sensitive to shifts in demand expectations and geopolitical risks.
NASDAQ Inc. has asked the US Securities and Exchange Commission for approval to extend its trading hours to 23 hours on weekdays, seeking to allow nearly continuous access for global investors.
The proposed expansion would add an overnight session from 9 p.m. to 4 a.m. Eastern Time, on top of existing pre-market, regular and post-market hours. The move aims to align trading with global demand and provide more flexible access to US equity markets.
Pfizer Inc. forecasts minimal or no sales growth next year as it pursues expensive acquisitions of drug pipelines.
Kraft Heinz Co. named Steve Cahillane, former CEO of Kellanova, as its new CEO effective January 1.
Visa Inc. will open its US network to stablecoin settlement to expand crypto-linked services amid relaxed regulatory conditions.
Medline Inc. is poised for the year's largest initial public offering as market interest grows in its medical supply business.
B. Riley Financial Inc. filed its overdue second-quarter report, moving closer to satisfying NASDAQ’s requirements to avoid delisting.
Mozilla Corp. elevated its Firefox web browser head to CEO, reinforcing its strategy to challenge larger tech rivals.
Northwell Health Inc. signed a deal with a major labor union to reduce costs and increase access to doctors for union members in New York.
NASDAQ Inc. is actively looking for regulatory approval to extend its stock trading hours to 23 hours on weekdays.
Mixed readings from employment and retail sales data have left markets uncertain about the Fed’s next move on interest rates. Even after below-target job growth, traders have been reluctant to extend their rate-cut bets in the near term. The current market pricing indicates a 20% chance of a rate cut at the Fed’s January meeting, with further cuts expected by mid-2026.
Also Read: US Stock Market Today: NASDAQ 100 Slides 1.9% as Tech Stocks Weigh on Wall Street
