New York's three major stock indexes ended mixed as employment and consumption indicators that support the U.S. economy showed signs of weakness.
On the 16th (U.S. Eastern time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 302.30 points, or 0.62%, from the previous session to close at 48,114.26. The Standard & Poor's (S&P) 500 slipped 16.25 points, or 0.24%, to 6,800.26, while the Nasdaq composite added 54.05 points, or 0.23%, to finish at 23,111.46.
The Labor Department said nonfarm employment in November increased by 64,000 from the previous month. That was a sharp drop from the 108,000 new jobs in September. The jobless rate in January was 4.6%, the highest since September 2021.
Nonfarm payrolls in October were tallied as down 105,000, but some said there could be distortions, given that federal government shutdowns (temporary work stoppage) reduced government jobs by 157,000.
Retail sales, a gauge of U.S. consumption, also looked shaky. October retail sales were tallied at a seasonally adjusted $732.6 billion, flat from the prior month and the lowest in five months. They also missed market expectations for a 0.1% increase. The fact that both employment and consumption—the pillars of the U.S. economy—are losing momentum could weigh on stocks over the long term.
Tech stocks rebounded as bargain hunting flowed in after last week's plunge. Nvidia, Apple, Microsoft, Amazon and Broadcom were slightly higher, while Tesla rose more than 3% on expectations for a SpaceX listing and optimism about its robotaxi business.