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%)
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