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Stocks on Wall Street slipped as investors awaited key reports on the job market that could provide insight into the Federal Reserve’s stance on interest rates. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 41 points and the Nasdaq composite fell 0.8%. Alaska Airlines saw a slump after announcing its acquisition of Hawaiian Airlines, while Spotify saw a jump in its stock price following its third round of layoffs this year. Treasury yields were higher and crude oil prices edged lower.
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NEW YORK — Stocks slipped on Wall Street ahead of some key reports this week on the job market that might provide more insight into the Federal Reserve’s thinking about interest rates. The S&P 500 fell 0.5% Monday.
NEW YORK — Stocks slipped on Wall Street ahead of some key reports this week on the job market that might provide more insight into the Federal Reserve’s thinking about interest rates. The S&P 500 fell 0.5% Monday. The index is coming off its best month in more than a year. The Dow Jones Industrial Average fell 41 points, and the Nasdaq composite fell 0.8%. Alaska Airlines slumped after it said it would buy Hawaiian Airlines. Spotify jumped after announcing its third round of layoffs this year. Treasury yields were higher and crude oil prices edged lower.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks slipped on Wall Street Monday ahead of some key reports this week on the job market that might provide more insight into the Federal Reserve’s thinking about interest rates.
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The S&P 500 was off 0.7%. The index is coming off its best month in more than a year, and reached its highest level in more than a year on Friday.
The Dow Jones Industrial Average fell 86 points, or 0.2%, to 36,157 as of 2:24 p.m. Eastern. The Nasdaq composite fell 1.1%.
Treasury yields were higher, putting some pressure on stocks. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.29% from 4.21%.
Technology and communication services companies were the biggest weights on the market. Microsoft fell 1.7%, Nvidia slid 3.2%, Meta Platforms shed 2.2% and Google parent Alphabet was 2.6% lower.
Alaska Air Group slumped 15.1% after announcing it will buy Hawaiian Airlines in a $1.9 billion deal, a tie-up that would test the Biden administration as it fights consolidation in the airline sector.
Spotify surged 8% after announcing its third round of layoffs this year. Uber gained 3.3% after the ride-hailing service was named to join the S&P 500 index.
U.S. crude oil prices fell 1.3%. Oil prices have been slipping recently, helping ease pressure on inflation.
Markets were mixed in Europe and Asia.
Wall Street is coming off a solid week and a strong November on hopes that inflation is easing enough to allow the Federal Reserve to stop raising interest rates. Investors are also hoping that the economy remains strong enough to avoid a recession.
Investors will get several key updates on the economy this week, including reports on the services sector and the jobs market.
The Institute for Supply Management will release its November report on the services sector on Tuesday. The sector is a key component in the U.S. economy and accounts for the majority of the nation’s jobs. The report could provide more insight into consumer spending and the jobs market.
Wall Street will get several reports this week that focus on the broader employment picture in the U.S. The government will release its October update on job openings on Tuesday and a weekly report on applications for unemployment benefits on Thursday.
Investors will be closely watching the government’s monthly jobs report for November, which is on Friday. Analysts polled by FactSet expect U.S. employers to have added 175,000 jobs last month. They forecast that the unemployment rate remained steady at 3.9%.
The labor market has remained strong in the U.S. even as the Fed has raised interest rates sharply in order to fight inflation by slowing the entire economy. Inflation has been falling since the middle of 2022. The central bank paused raising rates after its most recent increase in late July.
Wall Street expects rates to remain steady into early 2024, when the Fed could begin cutting interest rates back from their highest level in two decades. The Fed’s next decision on rates will follow the close of their next two-day meeting on Dec. 13.
Damian J. Troise And Alex Veiga, The Associated Press
Stocks on Wall Street slipped as investors awaited key reports on the job market that could provide insight into the Federal Reserve’s stance on interest rates. The S&P 500 fell 0.5% on Monday after a strong month. The Dow Jones Industrial Average dropped 41 points, while the Nasdaq composite declined by 0.8%. Alaska Airlines saw a decrease in its stock price after announcing its intention to acquire Hawaiian Airlines. On the other hand, Spotify’s stock jumped following the announcement of its third round of layoffs this year. Treasury yields increased, while crude oil prices slightly decreased.
Investors are closely monitoring the job market reports as they anticipate the Federal Reserve’s next move on interest rates. The Institute for Supply Management will release its report on the services sector, which accounts for the majority of jobs in the US. Additionally, there will be updates on job openings and applications for unemployment benefits. The monthly jobs report for November will also be released, with analysts expecting an addition of 175,000 jobs and a steady unemployment rate of 3.9%.
Despite the Federal Reserve’s efforts to control inflation by raising interest rates, the labor market in the US has remained strong. Inflation has been decreasing since mid-2022, leading to the central bank pausing its rate hikes. Wall Street predicts that interest rates will remain steady until early 2024, when the Federal Reserve might consider cutting rates back from their highest level in two decades. The next decision on interest rates will be made after the Federal Reserve’s meeting on December 13.
Overall, investors are optimistic about the economy and hope to see continued strength and avoid a recession. The upcoming reports on the job market will provide valuable insights into the state of the economy and the Federal Reserve’s monetary policy decisions..
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