Stock market today

How did the US stock market close today, December 3, 2021?

S&P 500: 4,538.43,-38.67(-0.84%)
Dow 30: 34,580.08,-59.71(-0.17%)
Nasdaq: 15,085.47,-295.85(-1.92%)
Russell 2000: 2,159.31,-47.02(-2.13%)

Stock market news

“Stocks sank on Friday to end the week lower, as investors digested updates on the Omicron variant alongside the Labor Department’s November jobs report, which came in mixed compared to Wall Street’s elevated expectations.

The S&P 500 posted a weekly loss of 1.2% since last Friday, sliding in volatile trading after the discovery of the Omicron variant. The Nasdaq underperformed with a weekly loss of 2.6%. Treasury yields also dipped as investors bought safe haven assets, and the yield on the benchmark 10-year note slid below 1.4%.

Developments around the Omicron variant remained a focal point. So far at least five U.S. states have reported at least one case of the variant. The variant has also been found in more than three dozen countries globally, CNBC reported, citing the World Health Organization. The report also said the WHO has so far seen “a suggestion that there is increased transmissibility” of the Omicron variant, while noting it is still too soon to determine whether it is more or less transmissible than the Delta variant, or whether it causes more severe disease.

The market moves Friday also came following the release of the Labor Department’s November jobs report, which showed a disappointing rate of hiring for the month even as the unemployment rate fell to a fresh pandemic-era low. Payroll gains came in at 210,000, or less than half the 550,000 consensus economists were expecting. The jobless rate fell to 4.2%, dipping more than anticipated from October’s 4.6%.

The moves on Friday came in contrast to a rally on Thursday, when market participants initially shrugged off the discovery of multiple cases in the U.S.

“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live.

“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.”

Stock market data: Yahoo Finance

Stock market today

Omicron variant fears and Fed Chair comments on tapering caused a selloff today for the US stock market. The closing numbers for the US stock market today are:

S&P 500: 4,567.00,-88.27(-1.90%)
Dow 30: 34,483.72,-652.22(-1.86%)
Nasdaq: 15,537.69,-245.14(-1.55%)
Russell 2000: 2,198.98,-43.00(-1.92%)

Stock market news

“Stocks dropped on Tuesday as volatility resumed after a brief rebound earlier this week, with investors contemplating the impacts of a new coronavirus variant and new comments Federal Reserve Chair Jerome Powell.

The S&P 500, Dow and Nasdaq declined. The Dow, a proxy for cyclical stocks, underperformed against the other two major indexes, dropping more than 400 points, or over 1.2%, intraday on Tuesday. U.S. crude oil prices (CL=F) dropped 4%. And shares of airlines, cruise lines and lodging companies considered to be some of the most exposed to virus-related disruptions each sank in early trading to reverse Monday’s gains.

Investors reacted to Fed Chair Powell’s latest remarks before the Senate Banking Committee, wherein Powell said the central bank could speed up its tapering process to end sooner than previously telegraphed in the face of rising inflationary pressures. The comments came even as some other market participants had expected the Fed to strike a more accommodative tone for longer in the face of the recently discovered Omicron variant.

“At this point the economy is very strong and inflation pressures are high, and it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we announced at the November meeting, perhaps a few months sooner,” Powell said. “I expect we will discuss that at our upcoming meeting.”

A host of less upbeat new commentary from major coronavirus vaccine-makers also contributed to the selling pressure. Moderna (MRNA) CEO Stephane Bancel told the Financial Times that the company’s current COVID-19 vaccine would likely see a “material drop” in effectiveness against the Omicron variant, while noting more data was needed to see any extent of the decline. Separately, Pfizer’s (PFE) CEO Albert Bourla told CNBC he didn’t “think that the result will be the vaccines don’t protect,” but that “the result could be, which we don’t know yet, the vaccines protect less.”

Stock market data: Yahoo Finance

Stock market today

A selloff today for the US stock market. All major stock indexes fell more than 2%. The closing numbers for the US stock market today follow.

S&P 500: 4,594.62,-106.84(-2.27%)
Dow 30: 34,899.34,-905.04(-2.53%)
Nasdaq: 15,491.66,-353.57(-2.23%)
Russell 2000: 2,245.94,-85.52(-3.67%)

Stock market news

“U.S. stocks plunged on Friday, with global markets rattled by a new coronavirus variant discovered in South Africa, which fanned concerns that new growth-crushing lockdowns could be imposed if the variant spreads widely.

Trading volumes were low due to the Thanksgiving holiday in the U.S., which may have exacerbated the volatility.

However, major benchmarks fell sharply during the holiday-shortened session, with the Dow (^DJI) diving by more than 900 points — logging its worst day of the year and its third worst Thanksgiving selloff ever. Meanwhile, S&P 500 (^GSPC) sank by over 2%, its biggest drop since February, and the Nasdaq (^IXIC) also fell sharply, but its losses were partly contained by a rally in stay-at-home stocks.

A new coronavirus variant has been discovered in South Africa, leading to an emergency session of the World Health Organization. Dubbed “Omicron,” scientists say the new B.1.1.529 strain is a concern, because it harbors a large number of mutations found in other variants — including the fast-spreading Delta variant that exploded over much of the summer — and it seems to be rapidly spreading.

While there’s no evidence yet, health officials are worried that the mutating variant could dilute or resist the efficacy of vaccines.

“It goes without saying that it’s still too early to say exactly how big a threat the new B.1.1.529 strain poses to the global economy,” Neil Shearing, Group Chief Economist at Capital Economics, said in a note.

Still, “the lesson from the past couple of years is that it’s the restrictions that are imposed in response to the virus – rather than the virus itself – that causes the bulk of the economic damage. So, the key question is how governments will respond in the event that the B.1.1.529 strain spreads,” Shearling wrote.

“That in turn will hinge on the extent to which it escapes the vaccines and, importantly, causes strains in national healthcare systems,” he added — underscoring that governments in the U.S. and U.K. had taken a “learn to live with the virus” approach, and thus are far less likely than other regions to impose new restrictions.”

Stock market data: Yahoo Finance

Stock market today

A mixed close for the US stock market today. Nasdaq underperformed, and Dow Jones outperformed.The closing numbers for the US stock market today are:

S&P 500: 4,690.70,+7.76(+0.17%)
Dow 30: 35,813.80,+194.55(+0.55%)
Nasdaq: 15,775.14,-79.62(-0.50%)
Russell 2000: 2,327.86,-3.49(-0.15%)

Stock market news

“Stocks were mixed on Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.

The S&P 500 ended slightly higher. The Nasdaq lagged as investors further turned away from technology and growth stocks. The Dow — which is heavily weighted in cyclical stocks — gained more than 150 points, or 0.4%, during afternoon trading as energy and financials shares outperformed.

U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose 2% after dropping more than 1% earlier in the morning. The move came after the White House announced it would be releasing a total of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply. In a speech on Tuesday, Biden said the reserve releases “will not solve the problem of high gas prices overnight but will make a difference.”

Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.

Federal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’s previously telegraphed monetary policy framework would remain in place with Powell’s reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.

“Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist, told Yahoo Finance Live. “But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”

Stock market data: Yahoo Finance

Stock market today

How did the US stock market close today? Tech stocks outperformed.

S&P 500: 4,700.95,+18.15(+0.39%)
Dow 30: 36,142.22,+54.77(+0.15%)
Nasdaq: 15,973.86,+120.01(+0.76%)
Russell 2000: 2,404.81,+3.87(+0.16%)

Stock market news

“Stocks gained on Tuesday, with traders digesting key new economic data on the state of the consumer after a couple of major retailers topped quarterly earnings results.

New monthly retail sales data from the Commerce Department showed better-than-expected consumer spending trends heading into the holiday season. The total value of U.S. retail sales rose by 1.7% in October compared to September, topping expectations for a 1.4% rise, according to Bloomberg consensus data. The print was closely watched as an indicator of overall economic strength, given consumption comprises about two-thirds of U.S. economic activity.

Earnings results from retail juggernaut Walmart (WMT) further underscored solid shopping trends among American consumers. The company’s closely watched U.S. comparable same-store sales grew 9.2% over last year in the third quarter, and by 15.6% compared to the same period in 2019, to exceed estimates for growth of 7%, according to Bloomberg consensus data. E-commerce sales also held up and grew by a better-than-expected 8%, compared to the 1.9% rise expected, even as more consumers returned to in-person shopping.

Home Depot (HD), meanwhile, also posted better-than-expected sales and earnings results as the company continued to see “elevated home improvement demand,” CEO Craig Menear said in Home Depot’s earnings statement. Comparable sales grew 6.1% compared to the 1.5% rise anticipated.

These reports came at the tail end of what has already been an exceptionally strong earnings season. As of Friday, 92% of S&P 500 companies had reported actual results, and of these, 81% of them had reported better-than-expected earnings results, according to FactSet.

The slew of better-than-expected corporate profits, coupled with still-accommodative monetary policy support, have helped power stocks to record highs throughout the year, and pushed the S&P 500 up by nearly 25% so far in 2021. These factors have also helped investors continue to push through concerns over persistently elevated inflation — though the stickiness of these rising prices remains a closely watched risk for investors.”

Stock market data: Yahoo Finance

Stock market today

A selloff today for the US stock market. Tech stocks underperformed. The closing numbers for the US stock market today are as follows.

S&P 500: 4,646.71,-38.54(-0.82%)
Dow 30: 36,079.94,-240.04(-0.66%)
Nasdaq: 15,622.71,-263.84(-1.66%)
Russell 2000: 2,389.58,-37.71(-1.55%)

Stock market news

“Stocks extended losses on Wednesday, retreating from this week’s record highs with investors fixing their attention on a key inflation report that showed a greater-than-expected jump in consumer prices last month.

The S&P 500 Index is coming off its first session of losses following eight straight days of gains, with the Dow and Nasdaq each also pulling back from record-setting runs.

One of the most closely watched reports Wednesday morning was the Labor Department’s Consumer Price Index (CPI) for October, which counterbalanced strong jobless claims that sank to their lowest of the COVID-19 era.

Consumer prices soared 6.2% in October compared to last year, accelerating from September’s 5.4% year-over-year rate. This was a bigger jump than the 5.9% rise anticipated, based on Bloomberg consensus data. And it represented the fastest annual rise in consumer inflation since 1990.

The staying power and magnitude of inflationary pressures has become a critical question for market participants, with companies across industries reporting rising input costs and price hikes in order to pass on these expenses and preserve margins. While third-quarter earnings results have showed that S&P 500 companies have largely been able to navigate these cost pressures, the possibility remains that lasting inflation could exert a greater impact, especially if consumers ultimately prove unwilling to pay higher prices.

“That’s going to be one of the big things going forward, to see whether or not that consumer sentiment can bounce back, whether consumers will be resilient in the face of these price pressures, or whether they’ll start to pull back a bit and decide they’re going to hold off on spending and wait to see when prices come down or at least stabilize before they spend more in the new year,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told Yahoo Finance.”

Stock market data: Yahoo Finance

Stock market today

A pause in all-time highs for the US stock market today, as all major stock indexes closed lower. The closing numbers for the US stock market follow:

S&P 500: 4,685.25,-16.45(-0.35%)
Dow 30: 36,319.98,-112.24(-0.31%)
Nasdaq: 15,886.54,-95.81(-0.60%)
Russell 2000: 2,427.29,-15.45(-0.63%

Stock market news

“Stocks fell Tuesday, with investors taking a breather after yet another record-setting session on Wall Street.

The S&P 500 pulled back to end an 8-session winning streak. A day earlier, the index closed above 4,700 for the first time. And although the Dow and Nasdaq gave back gains as well, the indexes were still perched within view of recent record highs. Shares of Tesla (TSLA) closed lower by 12% in their biggest drop since September 2020, with the stock seeing another day of marked selling after CEO Elon Musk hinted that he may sell some of his stake.

Equity investors over the past week rode an extended wave of optimism over solid quarterly corporate earnings and economic reports, which came alongside recent positive data for a new COVID-19 antiviral pill from Pfizer (PFE) and the passage of a more than $1 trillion infrastructure bill in Congress. With about 89% of S&P 500 companies having posted quarterly results, the projected earnings growth rate for the index in aggregate stands at nearly 40%, according to FactSet. And this growth rate has continued to creep higher over the past several weeks as more companies topped expectations.

“I still think it’s all about corporate profits. I know a lot of my peers are concerned that peak earnings growth is behind us,” Marci McGregor, Bank of America Merrill Lynch senior investment strategist, told Yahoo Finance Live. “But I think peak earnings isn’t even a 2022 story. We’re seeing solid consumer demand, a strong U.S. economy, and I think we’re going to have a capex cycle in 2022. And I think that’s all positive for corporate profits, and that underpins this market, in my view.”

Earnings results after market close on Monday came in mixed. Roblox (RBLX) shares surged after posting third-quarter bookings that exceeded Wall Street’s estimates, with the gaming platform growing further even after an initial stay-at-home-related boost in usage. PayPal (PYPL) shares turned lower, however, as investors homed in on the payments company’s disappointing full-year outlook. This overshadowed its announcement of a new pact with Amazon (AMZN) to accept Venmo for payments next year. AMC Entertainment (AMC) also fell despite topping quarterly sales estimates, with the meme stock giving back some gains after a 2,000% run-up so far for the year-to-date.”

Stock market data: Yahoo Finance

Stock market today

Strong jobs data sent the US stock market higher today. Small-cap stocks outperformed and Nasdaq underperformed. The closing numbers for the US stock market today are:

S&P 500: 4,697.53,+17.47(+0.37%)
Dow 30: 36,327.95,+203.72(+0.56%)
Nasdaq: 15,971.59,+31.28(+0.20%)
Russell 2000: 2,437.08,+34.65(+1.44%)

Stock market news

“Stocks soared on Friday, with major benchmarks rallying to fresh records as investors reacted favorably to October jobs report, which showed a better-than-expected pick-up in payroll growth and another improvement in the unemployment rate.

The blue-chip index set new intraday record in the wake of the data, extending Thursday’s gains and reaching a seventh consecutive record closing high. The S&P 500 also rose about 2% for the week to mark a fifth consecutive weekly gain — its longest winning streak since August 2020. The Nasdaq also jumped to a record the broad move higher in tech shares, and the Dow reached a record close as well.

Wall Street’s focus on Friday was on the Labor Department’s October jobs report, which showed that non-farm payrolls rose by 531,000 last month, compared to the 450,000 expected. Payrolls were also upwardly revised for both August and September.

The unemployment rate dipped to 4.6%, or the lowest since March 2020. And average hourly earnings rose at a 4.9% year-on-year pace, with wages pushed higher as companies competed for workers amid widespread labor scarcities.

The October report suggested negative impacts from the Delta variant wave in late summer were beginning to dissipate, especially given the jump in hiring in leisure and hospitality industries and other high-contact areas of the economy.

And importantly for investors, the labor market data helped vindicate the Federal Reserve’s latest decision to pare back on some of its monetary policy support as the economy makes more progress in its recovery.

The central bank opted earlier this week to announce the start of its asset-purchase tapering program, but declined to offer specifics for the dollar amount of further tapering next year or the timing of interest rate hikes. The Fed noted that those would depend on how the economic recovery unfolded. Still, in his post-FOMC meeting press conference on Wednesday, Powell also noted that there was “still ground to cover to reach maximum employment both in terms of employment and in terms of participation.”

Stock market data: Yahoo Finance

Stock market today

Another higher close for the US stock market today. Nasdaq outperformed and small-cap stocks underperformed. The closing numbers for the US stock market today are:

S&P 500: 4,680.06,+19.49(+0.42%)
Dow 30: 36,124.23,-33.35(-0.09%)
Nasdaq: 15,940.31,+128.72(+0.81%)
Russell 2000: 2,402.43,-1.85(-0.08%)

Stock market news

“Stocks traded mixed on Thursday, with tech stocks and the broader market setting new highs as investors digested the Federal Reserve’s decision to begin paring back some of its monetary policy support as the economic recovery progressed.

Although the Dow dropped, tech stocks were boosted by Tesla, which set a new record high above $1200 per share, and helped the Nasdaq set a fresh record. The S&P 500 also eked out a new high.

A day earlier, all of the major benchmarks set records, with the Fed’s latest monetary policy decision compounding with optimism over a slew of stronger-than-expected quarterly corporate earnings results.

The Fed’s decision on Wednesday unfolded the way many investors had been expecting, wherein the central bank formally announced it would begin tapering its pandemic-era asset purchase program starting this month. That came as Federal Open Market Committee members deemed that the economy had made “substantial further progress” in recovering to warrant the gradual removal of this policy support.

But importantly, the newly announced contours of the Fed’s tapering plan appeared to appease equity traders.

“The Fed has baked in some flexibility in their tapering,” Ryan Nauman, Zephyr market strategist, told Yahoo Finance Live on Wednesday. “They were very clear that in November and December how much they were going to taper. After that, they did not put in a dollar amount on it.”

Specifically, the Fed said it would begin reducing its asset purchases this month by a total of $15 billion, and then by another $15 billion in December, but said the outlook for the pace of tapering in the future would depend on “changes in the economic outlook.” Fed Chair Jerome Powell also reiterated his prior stance that the ultimate end of the tapering process next year would not automatically signal the start to interest rate hikes.”

Stock market data: Yahoo Finance