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Traders Unimpressed by November Job Numbers

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Today's financial recap and tomorrow's financial outlook.

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MINYANVILLE ORIGINAL The market got off to a strong start early in the day following the release of the November jobs report. S&P 500 (INDEXSP:.INX) futures initially reacted positively to the big headline number of 146K jobs being added, which crushed the 85K consensus.

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.

Twitter: @Minyanville

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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