Stocks slide again after the jobs report sends mixed signals on the economy. – World News

Stocks slide again after the jobs report sends mixed signals on the economy.

Stocks on Wall Street continued to trade on Friday after a report on labor market conditions sent mixed signals about an economic recovery and market turbulence initiated by the Omicron version.

US employers added 210,000 jobs in NovemberThe Labor Department said on Friday, a 550,000 profit and far below expectations of a sharp slowdown from October. But the report also showed that the unemployment rate has declined, and the overall participation rate, which measures the proportion of Americans who either have a job or are looking for one, is at its worst since the start of the pandemic. reached a healthy level.

Trading was volatile, as it has been all week. After starting the day with a modest gain, the S&P 500 closed with a loss of nearly 1 per cent. In the bond market, the yield on the 10-year US Treasury fell to nearly 1.35 percent, a sign that investors were moving money to the relative safety of government bonds.

The embattled jobs report added to the economic uncertainty brought on by Omicron’s version of the coronavirus, which led to renewed pandemic restrictions.

Adding to the recent unrest is changing expectations of how quickly the Federal Reserve will wind down a bond-buying program imposed in the pandemic – a move that is a harbinger of interest rate hikes expected to begin next year. Friday’s jobs report was not weak enough to change the market’s outlook that the Fed may extend the timing of a rate hike as it looks to moderate inflation.

Fiona Cincotta, Senior Financial Markets Analyst at Forex .com, said in a note to customers.

Technology stocks were particularly hard hit on Friday, and the tech-heavy Nasdaq Composite fell 1.9 percent. Apple, Alphabet, Facebook, Microsoft and Amazon were all lower. Together, those five companies account for more than 20 percent of the S&P 500’s market value, with the movements of these stocks having a major impact on the direction of the stock market.

Investors were pulling back on tech stocks for the past week, with the Nasdaq trailing the S&P 500’s decline.

“The market could be a bit optimistic on the technology outlook,” said Edward Moya, a senior market analyst at foreign exchange and brokerage firm Oanda. “Now they are taking that risk off the table.”

Tesla also weighed in on the S&P 500 on Friday. Shares of electric vehicle maker, which climbed above market valuation $1 trillion In October, fell more than 6 percent. On Friday, the fall came a day after company founder Elon Musk revealed he had sold another $1 billion in Tesla stock. Mr Musk, who has been selling shares to meet tax obligations related to the exercise of stock options, has sold nearly $11 billion worth of shares in recent weeks. But because he’s also gaining new shares thanks to those stock options, Mr. Musk’s stake in Tesla is actually slightly higher.

Stock investors capped a turbulent week on Friday, starting after evidence of a new coronavirus variant prompted travel restrictions in several countries by South Africa for the first time. Wall Street ended the day on Monday before falling again on Tuesday following the Fed’s announcement that it would quickly withdraw financial aid from the economy.

The first case of an Omicron variant was detected in the US on Wednesday, triggering a drop in stocks. The S&P 500 is down nearly 4 percent since Omicron first started making headlines.

Travel and leisure stocks continued to fall on Friday. Norwegian Cruise Line and Carnival were both down about 4 per cent. Airline stocks were also low.

Oil prices, which have been particularly volatile in recent days, were slightly lower with West Texas Intermediate, the US crude benchmark, up 0.4 per cent at $66.26 a barrel after climbing above $69 a barrel earlier.

officials on Thursday OPEC, Russia and other oil producing countries They said they would continue with the already agreed program of adding oil gradually to the market.

Shares of Chinese ride-hailing company Didi Chuxing fell more than 22 percent after the company announced Friday Delist your shares from the New York Stock Exchange In favor of listing in Hong Kong. Other Chinese companies listed in New York also fell, including e-commerce giant Alibaba, which fell about 8 percent, and JD.com, which fell about 7.7 percent.

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