Stock market today: S&P 500, Nasdaq eke out records after jobs data surprises, Fed officials signal more cuts

Published On Dec 3, 2024, 4:01 PM

US stocks experienced a mixed day, with the S&P 500 and Nasdaq Composite reaching new records, up approximately 0.1% and 0.4%, respectively, while the Dow Jones dipped nearly 0.2%. Job openings rose to 7.74 million in October, exceeding estimates, indicating a labor market that remains strong but may be cooling. Comments from Fed officials suggested a potential interest rate cut in December, affecting market sentiment. The 10-year Treasury yields increased slightly. In sector performance, Communication Services led, while Industrials lagged behind. Major movements included a sharp decline in US Steel's shares due to political intervention regarding its acquisition, and Tesla's stock fell after a judge rejected Elon Musk's pay package, coupled with declining shipments from China.

Read full article

Stock Forecasts

XView X chart on TradingView

Negative

US Steel's stock drop signals investor concern over regulatory and political impacts on its business operations. The company faces uncertainty with political opposition to its acquisition strategy. These negative sentiments are likely to continue exerting downward pressure on US Steel’s stock price in the short term.

TSLAView TSLA chart on TradingView

Negative

Tesla’s decline indicates significant investor concern stemming from both the rejection of Musk’s pay package and the drop in shipments from China. The current challenges in leadership and market performance may lead to further reductions in stock prices as investor confidence is shaken.

EWYView EWY chart on TradingView

Negative

The iShares MSCI South Korea ETF’s drastic drop reflects market anxiety over geopolitical uncertainties, particularly the potential for instability stemming from the swift changes in South Korean governance. This could create a negative outlook as investor sentiment shifts towards caution in international markets.

Related News

Tesla stock slides after Elon Musk's multibillion dollar pay package gets blocked

Dec 3, 2024, 1:05 PM

Tesla stock fell after a Delaware court declined Elon Musk's attempt to change its ruling on his $56 billion pay package.

TSLA

Stock market today: S&P 500, Nasdaq drift near record levels as Dow falls following key jobs data

Dec 3, 2024, 11:04 AM

The focus is on JOLTS jobs data and Fedspeak will cement or dent growing hopes for interest rate cuts.

SPY
TSLA
X

South Korean stocks rocked in U.S. trading after martial law declared

Dec 3, 2024, 10:38 AM

The iShares MSCI South Korea ETF, which tracks more than 90 large and mid-sized companies in South Korea, tumbled 6% to hit a 52-week low.

EWY
KORE