Traders Unimpressed by November Job Numbers
Today's financial recap and tomorrow's financial outlook.
However, the market gradually sold off as investors focused on some of the less sanguine details. Both the September and October numbers were revised down, and the labor force participation rate declined to 63.6% from 63.8% as Americans dropped out of the workforce.
So while the S&P finished positive, the disappointment with the jobs report set the tone for a decidedly risk-off day, with notable weakness in market leader Apple (NASDAQ:AAPL), which dragged the Nasdaq (INDEXNASDAQ:.IXIC) down by a significant margin. We also saw weaknesses in EUR/USD, energy, and small caps, though there was a bit of a sell-off in bonds.
In stock news, Netflix (NASDAQ:NFLX) received a Wells Notice from the SEC regarding CEO Reed Hastings' decision to post material company data in a Facebook (NASDAQ:FB) posting back in July.
And for what seems like the 119th time in the past week, a politician (in this case, House Speaker John Boehner) said that no progress was being made on the fiscal cliff.
Monday's Financial Outlook
On Monday, there will be no US economic data releases or anything resembling a market-moving earnings report..
However, we will get some data from overseas, including China and German's respective trade balances, Japanese consumer confidence, Canadian housing starts, and eurozone investor confidence.
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