Stock market today: Indexes end lower as traders look to jobs report for clues on Fed policy
NYSE traders
Indexes ended lower on Thursday as traders’ attention remained fixed on the upcoming November jobs report due Friday morning.
The major averages ended slightly lower, while bond yields were little changed. The 10-year Treasury yield was about flat at 4.178%
Economists polled by FactSet expect the jobs data to show that US employers added 215,000 new jobs, a steep uptick from October’s dismal reading of just 12,000 following that month’s hurricanes and labor strikes.
The data will provide important clues to investors about the path of interest rates as the Federal Reserve heads toward its next policy meeting later this month. The Fed has made two consecutive rate cuts since September, and markets see a 70% chance of a 25 basis point cut this month, according to the CME FedWatch Tool.
However, fed fund futures also show traders eyeing rising odds of a pause, with odds of no change to the benchmark rate at30%, compared to 22% on Wednesday.
That comes as Fed speakers this week have voiced caution on easing monetary policy. Chair Jerome Powell, who spoke at The New York Times’ DealBook Summit on Wednesday sounded optimistic about the state of the US economy, stating that the central bank could afford to move slowly on rate cuts.
“Growth is definitely stronger than we thought, and inflation is coming a little higher,” Powell said, adding, “The good news is that we can afford to be a little more cautious as we try to find neutral.”
Here’s where US indexes stood at the 4:00 p.m. closing bell on Wednesday:
- S&P 500: 6,075.11, down 0.19%
- Dow Jones Industrial Average: 44,765.71, down 0.55% (-248.33 points)
- Nasdaq composite: 19,700.26, 0.18%
Meanwhile, bitcoin continued to trade higher for much of the day after passing the key $100,000 threshold for the first time on Wednesday. The jump cam after President-elect Donald Trump nominated crypto advocate Paul Atkins to lead the Securities and Exchange Commission.
The coin slipped back below the six-figure threshold Thursday afternoon, trading at $99,316.
Here’s what else is happening:
- Bitcoin has rallied but other cryptos are up even more. Here are the 10 biggest tokens by market cap.
- Bitcoin will replace gold as the “premier store of value” asset in the next decade, Bernstein says.
- South Korea’s economy would boom if its president is impeached, research firm says.
- The US stock market boom has boosted the wealth of the world’s billionaires to $14 trillion, UBS says.
In commodities, bonds, and crypto:
- West Texas Intermediate crude inched lower to $68.46 a barrel. Brent crude, the international benchmark, dipped to $72.22.
- Gold was down 0.8% to $2,653.90.
- The 10-year Treasury yield was nearly flat at 4.178%.
- Bitcoin edged down to $99,316.
