Stocks Close with Mixed Results Following Weak US Economic Data
Market Performance: The S&P 500 closed down -0.24% and hit a 3-week low, while the Nasdaq 100 rose +0.26%, supported by strong performance from major tech stocks despite sluggish economic indicators and a drop in energy prices.
Economic Indicators: The November unemployment rate rose to a 4-year high of 4.6%, with nonfarm payrolls increasing by +64,000, and retail sales stagnating, indicating a slowing economy that may influence the Federal Reserve's monetary policy.
Interest Rates and Bonds: The 10-year T-note yield fell to 4.15% as economic reports suggested dovish factors for Fed policy, while comments from Atlanta Fed President Raphael Bostic indicated persistent inflation pressures, impacting bond market dynamics.
Stock Movers: Energy stocks faced significant declines due to falling oil prices, while tech stocks like Tesla and Meta saw gains. Notable losers included Booz Allen Hamilton and Humana, while Comcast and Cognex were among the top gainers following positive analyst ratings.
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