Stock market today: Dow, S&P 500, Nasdaq futures waver after crucial jobs report
Published On Dec 6, 2024, 8:39 AM
US stock futures are experiencing fluctuations as traders evaluate the latest job report, which revealed that the US economy added 227,000 jobs in November, slightly above expectations. The unemployment rate rose to 4.2%, which might influence the Federal Reserve's decisions regarding interest rates. There is about a 90% probability of a quarter-point rate cut at the December meeting, an increase from the 70% chance estimated before the report. Additionally, stocks of Lululemon and Ulta Beauty have seen gains after both companies raised their profit forecasts.
Stock Forecasts
LULU
Positive
With the recent job market rebound and anticipated rate cuts by the Fed, consumer spending can potentially increase, benefiting discretionary retailers like Lululemon and Ulta Beauty. Both companies are adjusting their forecasts upward, suggesting underlying strength in their business models.
ULTA
Positive
The market's focus on interest rates and economic recovery generally supports upward movement in financial outputs. Stocks related to consumer discretionary and retail sectors may benefit from increased spending in an improved job market.
SPY
Neutral
The volatility in stock indices may continue until more substantial economic indicators are released, leaning towards continued interest in growth investments, particularly related to tech and consumer sectors.
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