U.S. stocks in New York were mixed early on the 17th local time. With the jobs data released the previous day coming in weaker than the market expected, many investors appeared to be on the sidelines ahead of the Nov. consumer price index (CPI) due on the 18th.
At 10:06 a.m., the Dow Jones Industrial Average stood at 48,386 on the New York Stock Exchange (NYSE), up 0.56% (271.74 points) from the previous day.
At the same time, the large-cap-focused Standard & Poor's (S&P) 500 rose 0.07% (4.64 points) to 6,804.9. By contrast, the Nasdaq composite fell 0.12% (27.46 points) to 23,084.
Reuters said investors were digesting economic indicators that influence monetary policy.
According to the U.S. Labor Department, Nov. nonfarm employment increased by 64,000 from Oct., beating the market forecast of 50,000. However, the unemployment rate rose to 4.6%, a record high since September 2021.
A cooling labor market had fed expectations for interest rate cuts, but lately concern about the economy has been growing. Bob Elliott, chief executive officer (CEO) of Unlimited Funds, told CNBC, "The market had high expectations, but as it has seen the data, those expectations have essentially crumbled," adding, "This may not be the time to increase equity exposure."
The Nov. CPI due on the 18th is expected to set the market tone. Because the U.S. federal government shutdown temporarily halted operations, the Oct. CPI was not separately surveyed, so the month-over-month rate will not be available. Instead, the market expects a 3.1% year-over-year increase, slightly above the 3.0% rise in September.
Micron Technology (MU), which reports earnings after the close, was up about 1% from the previous day. The market expects Micron to have posted adjusted earnings per share (EPS) of $3.96 and revenue of $12.91 billion for the first quarter of fiscal year 2026 (September–November).
Oracle shares, by contrast, were down more than 4%. Reports said it is facing difficulty securing funding to build data centers. The Financial Times (FT) reported that Blue Owl Capital, Oracle's largest data center partner, decided to scrap a planned $10 billion investment.