The First Slice for Friday, December 8, 2023
In the latest twist of the economic rollercoaster, U.S. stocks closed higher, fueled by anticipation for the November jobs report. Tech stocks, particularly Alphabet Inc. and Advanced Micro Devices, led the charge, benefiting from the unveiling of Google’s latest artificial intelligence model, Gemini. The Dow industrials saw a boost from Walgreens Boots Alliance Inc., but concerns lingered about the market’s rapid ascent in one of its best months in the past decade.
- The Dow Jones Industrial Average gained 62.95 points or 0.2%.
- The S&P 500 advanced 36.25 points, or 0.8%.
- The Nasdaq Composite rose by 193.28 points, or 1.4%.
Despite fears of an overextended market, the week’s data on job openings and private-sector payrolls hinted at a potential slowdown, potentially increasing the likelihood of Federal Reserve interest-rate cuts in 2024. This sentiment was further fueled by a relatively weak report on jobless claims, with the number of Americans applying for unemployment benefits holding steady at 220,000.
Investors are now eagerly awaiting the Labor Department’s jobs report for November, with economists predicting the creation of 190,000 new jobs. However, there’s a twist – the return of previously striking auto workers to the labor market could buoy the nonfarm payroll numbers. As the market teeters on the edge of uncertainty, the question becomes: Will the positive momentum continue, or are we on the brink of a correction?………
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