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Stocks open in the red after jobs report

 


US stock indexes fell early on Friday following the release of the highly anticipated November jobs report.

Indices like the Dow Jones Industrial Average (DJIA) lost 0.8%, while those of the S&P 500 (SPX) was down about 1%, as of 8:42 a.m. EST Friday. Meanwhile, the Nasdaq 100 (NDX) was down 1.3%.

The payrolls report arrived today indicating that while unemployment remained constant at 3.7%, the US economy added 263,000 jobs in the month of November.

After-hours sentiment was also low after shares of three big tech stocks fell. Asana Actions (NYSE: ASAN), Wonder (NASDAQ:MRVL), and Zscaler (NASDAQ: HP) plunged more than 15%, 7% and 11%, respectively, after the release of quarterly results.

At the end of the regular trading session on Thursday, the S&P 500 and the Dow closed down 0.09% and 0.56%, respectively. In contrast, the Nasdaq 100 gained 0.1%.

Several economic data came out yesterday, revealing mixed views on the economy. On a month-over-month basis, personal consumption expenditure data slightly beat expectations, indicating healthy consumer spending. Meanwhile, the ISM manufacturing index fell more than expected, suggesting a slowdown in manufacturing output last month.

Looking at both data, market pundits expect the U.S. economy to pull off a soft landing if this slowing pace continues without cutting personal spending too much.

The Fed is expected to raise interest rates on December 13 and 14, but this time by 50 basis points.

Interested in more economic information? Tune in to our LIVE webinar.

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