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Index Records are BACK for Friday Market While Unemployment Climbs | Live Stock
Good morning, traders. Happy Friday, December 6th- The market is climbing again after unemployment data came in with an expected rise, leading to hopes that interest rates will come down again in December. My name is Kevin Travers, and the S&P 500 and Nasdaq marked fresh records this morning, the fourth day for records this week.
$Lululemon Athletica (LULU.US)$ climbed 15%, the highest on the S&P after its Thursday night earnings came in high, and raised its forward guidance for its full-year revenue. It pulled in an extra $100M in revenue for the third quarter this year compared to last year.
$Ulta Beauty (ULTA.US)$ continued to climb after its earnings also came in high: $5.14 per share, more than 13% over estimates. It was the number two stock ranked by percentage climb on the S&P.
$UnitedHealth (UNH.US)$ continued to fall, leading the lowest percentage decliners on the Dow after losing 5% Thursday in the wake of the assassination of the CEO of its insurance segment. According to a lawsuit filed against the firm, the Chief overlooked a segment that allegedly used an AI that helped deny claims, which, according to a lawsuit filed in Minnesota, had an alleged 90% error rate- helping the largest healthcare insurer in America with its deny rate of 32% according to data from Lending Trees Value Penguin. The industry standard, based on the same data, is closer to 16%.
Within industries tracked by moomoo, crypto firms finally showed positivity behind the push to 100k that investors had expected. $Bitcoin (BTC.CC)$ was climbing 2%, leading a 2% jump in crypto firms as a whole, tracked by moomoo. Smaller crypto stocks led the way but $Bitdeer Technologies (BTDR.US)$ rose especially high, despite a release from the firm Wednesday that it mined just 150 BTC in November compared to 403 BTC in November 2023.
Bitcoin jumped in part after Trump selected David Sacks as the new White House Crypto and AI "Czar." Trump also announced Paul Atkins to chair the Securities and Exchange Commission.
Atkins is the co-chair of the Token Alliance, a cryptocurrency advocacy organization.
$Crude Oil Futures(FEB5) (CLmain.US)$ fell. Gold climbed, $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
The market overall was climbing Friday, just past 11:08 am ET the $S&P 500 Index (.SPX.US)$ climbed 0.31%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.06%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.64%.
In macro, the unemployment rate climbed to 4.2%, getting close to the two-year high of 4.3% set in February of this year. Nonfarm payrolls rose to 227,000. Investors were expecting the unemployment rate but not the jump in nonfarm payrolls, but economists told CNBC they expected the Fed to use this as a sign to cut rates this month.
Yesterday, users watched as the market pulled back from records, but most said it was just waiting for labor numbers to take off again.
Traders, what do you think? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
Want to keep up to date with the market and all its feelings-driven swings, all in under three minutes? Click here to follow the Live Stock Podcast topic. Comment below or in the hot topic for a chance to appear on the podcast! I want to talk about what you are investing in!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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NoDragonsPlz : go to moon time
brochips : You ever do auctions? Man you talk fast.
Marie Thermidor : Thanks Kevin Travers. If didn’t have your alert, I would completely forget about this unemployment report. Your support has been greatly appreciated. Keep on doing your great work.
Space Dust : Crypto will be exploited for all its worth if that is the advantage USA has. Especially if it catches others on the back foot or forces a dance to our tune environment.
trope..
would be like an old cowboy
point the gun at someones feet, shooting and demanding they dance..
105742796 Learner : Hope everything improves good things double
06/12/24 like today’s date that doubles, beautiful.
6 12 24
Kevin Travers OP 105742796 Learner : My american head thought you meant june
Stock_Drift : $Microsoft (MSFT.US)$ did you see this, Kevin?
105742796 Learner Kevin Travers OP : Oh dear
6th of December 2024
103677010 : noted
103574490 : thats great
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