U.S. stocks closed mixed Thursday as data showed the pace of labor market deterioration slowing somewhat.
On the New York Stock Exchange, the Dow Jones Industrial Average fell 31.96 points (0.07%) to 47,850.94. The S&P 500 rose 7.40 points (0.11%) to 6,857.12, while the Nasdaq Composite gained 51.04 points (0.22%) to 23,505.14.
Among major technology stocks by market capitalization, Nvidia rose 2.12%, with Microsoft (0.65%), Broadcom (0.11%), Facebook parent Meta (3.43%), and Tesla (1.74%) also posting gains. Apple fell 1.21%, Amazon dropped 1.41%, and Google parent Alphabet declined 0.63%.
Employment data influenced markets as Federal Reserve officials entered their blackout period ahead of the Federal Open Market Committee meeting. Challenger, Gray & Christmas released its layoff report showing U.S. companies announced plans to cut 71,321 jobs last month, the highest November figure since 2022 (76,835) but down 53% from October.
Initial jobless claims for the week of November 23-29 came in at 191,000 on a seasonally adjusted basis, down 27,000 from the prior week's 218,000, the Labor Department reported. This marked the lowest level since September 2022—a span of three years and two months—and came in below the Dow Jones consensus estimate of 220,000. The Chicago Fed's estimated unemployment rate for November also edged down to 4.44% from 4.46% the previous month.
Meta surged 3.43% on reports the company is considering restructuring that would cut its metaverse budget by 30%. According to Bloomberg, Meta discussed the restructuring plan at a budget planning meeting held at CEO Mark Zuckerberg's Hawaii home last month. Most of the cuts would focus on Reality Labs, which manufactures virtual reality devices, and the metaverse platform Horizon Worlds. If the budget is finalized, Reality Labs is expected to begin reducing headcount as early as January. Meta changed its name from Facebook in October 2021, pledging to lead the development of three-dimensional virtual worlds.
U.S. discount retailer Dollar General soared 14.01% after raising its full-year guidance. The company lifted its earnings per share forecast to $6.30-$6.50 from a previous maximum of $6.30.
Wall Street is also awaiting the November personal consumption expenditures (PCE) report, which could influence the Fed's December rate decision. The PCE data will be released at 8:30 a.m. on December 5 (10:30 p.m. Korea time).
New York crude oil prices rose for a second consecutive day as Ukraine ceasefire talks showed little progress. West Texas Intermediate crude for January delivery rose $0.72 (1.22%) to $59.67 per barrel on the New York Mercantile Exchange, marking the first back-to-back gains since November 13-14. The 10-year Treasury yield rose 0.04 percentage points to the 4.1% range, while Bitcoin traded around the $92,000 level.
