U.S. markets opened on a sour note Tuesday, with the major indices sliding lower as investors digested a lackluster jobs report that raised fresh questions about the economy's momentum. The Dow Jones dropped 0.13% to 48,353.11, while the NASDAQ dipped a modest 0.01% to 23,054.37. The S&P 500 fell 0.14% to 6,807.09.
The November employment numbers told a complicated story. Nonfarm payrolls grew by 64,000, according to the Bureau of Labor Statistics—technically better than the 50,000 economists expected, but still nowhere near what you'd call robust job creation. The unemployment rate climbed to 4.6% from 4.3% the previous month, marking the highest reading since September 2021 and overshooting expectations of 4.4%.
Here's the silver lining, though: private-sector hiring held up better than expected. Private payrolls added 69,000 jobs, comfortably clearing the 40,000 forecast. It's a reminder that the underlying business environment might be healthier than the headline number suggests.
Sector Scorecard: Tech Holds, Energy Tumbles
Not every corner of the market felt the same pain. Information technology shares managed to edge up 0.1% on Tuesday, showing some resilience. Energy stocks, meanwhile, took it on the chin with a 1.8% decline as oil prices slipped.
Big Movers: Winners and Losers
While the broader market treaded water, individual stocks delivered some serious action. SRx Health Solutions Inc (SRXH) exploded 117% to $0.66 after announcing an agreement to acquire EMJ Crypto Technologies. AlphaVest Acquisition Corp (AMCI) jumped 31% to $10.30, and Cementos Pacasmayo SAA - ADR (CPAC) surged 54% to $10.77 following news that Holcim signed an agreement to purchase 50.01% of the company's owner, Inversiones Aspi. S.A. of the Hochschild Group.
On the flip side, Zynex Inc (ZYXI) cratered 59% to $0.27 after the company announced it entered Chapter 11 court-supervised financial restructuring. Radiopharm Theranostics ADR (RADX) gave back some of Monday's gains, falling 41% to $6.24 after jumping 150% the previous session on promising RAD 101 Phase 2b clinical trial data showing 92% concordance with MRI, the primary endpoint. Saverone 2014 Ltd - ADR (SVRE) dropped 40% to $2.13 after gaining 18% on Monday.
Commodities and Global Markets
In commodity markets, oil traded down 1.9% to $55.77 while gold edged up 0.1% to $4,339.70. Silver slipped 0.4% to $63.33, and copper fell 0.7% to $5.3770.
European markets closed mostly lower, with the eurozone's STOXX 600 dipping 0.1%. Spain's IBEX 35 fell 0.2%, London's FTSE 100 declined 0.5%, and Germany's DAX 40 dropped 0.3%. France's CAC 40 bucked the trend, gaining 0.1%.
Asian markets finished Tuesday in the red across the board. Japan's Nikkei fell 1.56%, Hong Kong's Hang Seng dipped 1.54%, China's Shanghai Composite declined 1.11%, and India's BSE Sensex slipped 0.63%.
Economic Data Roundup
Beyond the jobs report, October retail sales came in flat compared to September's revised 0.1% gain, missing market estimates of 0.1% growth. Average hourly earnings rose just 0.1% month-over-month to $36.86 in November, a significant slowdown from the 0.4% increase recorded the previous month.
The combination of weak retail sales, sluggish job growth, and rising unemployment paints a picture of an economy that's cooling faster than many expected. Whether that's enough to shift Federal Reserve policy remains the trillion-dollar question.
