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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening | Midday | Closing

Closing Comment — Friday, December 03, 2021

DJIA: 34,580.08, down 59.71
S&P 500: 4,538.43, down 38.67
Nasdaq: 15,085.47, down 295.85

Stocks trim losses but post weekly drop

U.S. stocks pared early session losses but still finished lower on Friday. The S&P 500 fell 0.8% to end the week down 1.2%. Notably, the broad benchmark snapped a five-session streak of daily moves of at least 1%, the longest such stretch of volatility since November 2020. The Nasdaq Composite slid 1.9%, logging a 2.6% weekly decline and its sharpest two-week sell-off since early March (-6.1%). The Dow shed 59 points, capping a 0.9% weekly loss. The blue chip index recorded its fourth consecutive negative week--a losing streak not seen since September 2020. The small-cap Russell 2000 also suffered a fourth straight weekly slump, its worst run since March 2020. The CBOE Volatility Index (VIX)--Wall Street’s so-called “fear gauge” spiked to its highest level since January.

On the data front, the Labor Department showed non-farm payrolls rose by 210,000 in November, the smallest increase of the year and missing estimates of a 550,000 addition. However, the unemployment rate dropped to a pandemic low of 4.2% from October’s 4.6% figure. Separately, the Institute for Supply Management (ISM) revealed U.S. services sector growth unexpectedly accelerated at a record pace in November. Treasuries rallied, with the yield on the 10-year note falling seven basis points (0.07%) to 1.36%. In commodities, WTI crude saw a sixth consecutive weekly decline, its worst stretch since November 2018.

In corporate news, Chinese ride-hailing giant Didi Global tumbled over 22% after announcing plans to delist its U.S. traded shares. Meanwhile, Facebook parent Meta Platforms closed within striking distance of bear market territory (defined as a 20% drawdown from a recent peak).

Midday Comment — Friday, December 03, 2021

DJIA: 34,409.03, down 230.76
S&P 500: 4,512.03, down 65.07
Nasdaq Composite: 14,966.46, down 414.86

Stocks head for weekly losses; Tech weighs

U.S. equities are firmly lower near mid-session Friday as investors assess the monthly jobs report and its implication on monetary policy. The major averages are extending a turbulent week, with the S&P 500 declining 1.3%, on track to log a sixth consecutive session with a 1% move in either direction. The Dow is falling 230 points, headed towards its longest weekly losing streak since September 2020 (four weeks). The Nasdaq Composite is slumping 2.6%, set for its biggest one-day decline since September.

On the data front, the Labor Department showed non-farm payrolls increased by 210,000 in November, missing estimates of a 550,000 rise and easing from the prior month’s 546,000 uptick. The unemployment rate dropped to 4.2% from October’s 4.6% figure. Separately, the Institute for Supply Management (ISM) revealed U.S. services purchasing managers’ index (PMI) unexpectedly climbed to a record 69.1. Treasuries are advancing, with the 10-year note yield falling five basis points (0.05%) to 1.38%. In commodities, WTI crude is up 1.2% to $67.31/barrel, but on track to extend a five-week losing streak.

Nine of 11 S&P 500 sectors are trading in negative territory with Tech and growth-related stocks leading laggards. Facebook parent Meta Platforms is dipping 2.6%, poised to close in bear market territory (defined as a 20% drawdown from a recent peak). In corporate news, Chinese ride-hailing giant Didi Global is slumping 17% after announcing plans to delist its U.S. traded shares. Breadth is negative on issues by 3:1 on the NYSE and 6:1 on the Nasdaq. Composite NYSE volume is 2.3 billion shares.

Opening Comment — Friday, December 03, 2021

DJIA: 34,542.30, down 97.49
S&P 500: 4,549.27, down 27.83
Nasdaq Composite: 15,155.64, down 225.68

Stocks decline with jobs report in focus

U.S. equities are lower in early trading Friday as investors take stock of a turbulent week and digest the latest monthly jobs report. The Dow is losing 97 points, while the S&P 500 is declining 0.6%. The Nasdaq Composite is falling 1.5% amid weakness in tech shares. For the week, both the S&P 500 and Nasdaq Composite are positioned for a second consecutive decline, while the Dow is headed towards a fourth straight negative week--a losing streak not seen since September 2020--despite yesterday logging its best day since March (+1.8%).

On the data front, the Labor Department showed non-farm payrolls increased by 210,000 in November, the smallest gain this year. The figure missed estimates of a 550,000 rise and eased from the prior month’s upwardly revised 546,000 uptick. The unemployment rate dropped to 4.2% from October’s 4.6% figure. In other data, the Institute for Supply Management (ISM) revealed U.S. services purchasing managers’ index (PMI) unexpectedly climbed to a record 69.1 reading. Additionally, factory orders advanced 1.0% in October, topping expectations for a 0.5% increase. Treasuries are mixed, with the yield on the 10-year note adding one basis point (0.01%) to 1.44%, still on course for a five-basis point weekly decline.

Central bank news remains in focus, as a perceived hawkish pivot from Federal Reserve officials this week has caused market participants to heighten expectations for a faster pace of monetary policy tightening. In commodities, WTI crude is rallying 2.9% to $68.45/barrel, on track to snap a five-week losing streak. Breadth is negative on issues by 9:4 on the NYSE and 9:2 on the Nasdaq.

This information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable, but its accuracy is not guaranteed. The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the authors as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.

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