New York stock market closes lower despite news of slowing job market, big tech energy stocks weak

[비즈니스포스트] The New York stock market closed lower. News of the slowdown in the job market raised expectations of easing austerity measures, but major indexes all closed lower.

At the New York Stock Exchange (NYSE) on the 6th local time, the Dow Jones Industrial Average closed at 36,054.43, 70.13 points (0.19%) lower than the previous day.

The Standard & Poor’s (S&P) 500 index, centered on large-cap stocks, closed at 4,549.34, down 17.84 points (0.39%), and the Nasdaq index, centered on technology stocks, closed at 14,146.71, down 83.20 points (0.58%).

Jiyoung Han, a researcher at Kiwoom Securities, said, “There were always expectations of an interest rate cut due to the slowdown in private employment indicators in November,” and added, “The stock market closed lower as concerns about a hard landing in the U.S. economy, including international oil prices below $70, stimulated profit-taking pressure.” analyzed.

The number of new jobs in the private sector in November announced by the U.S. ADP was 103,000, significantly lower than both the forecast (128,000) and the previous month’s figure (113,000). The number of new hires hit the lowest level in two years.

Wage growth also slowed. Wages in the United States in November increased 5.6% compared to the same period last year, reaching the lowest level since September 2021.

As the job market slowed, inflation concerns eased. As a result, the possibility of an end to tightening by the U.S. Federal Reserve gained momentum, but the stock market closed lower on this day. It is interpreted that the pressure to take profits and the wait-and-see mentality ahead of the US Department of Labor’s November employment report were influential.

As international oil prices fell for five consecutive trading days, WTI fell below $70. This is the lowest level since June.

Looking by industry, the energy (-1.6%) industry showed relatively strong weakness due to the decline in oil prices. The IT (-0.9%) and finance (-0.7%) industries also fell. On the other hand, the utilities (1.4%), industrial materials (0.5%), and healthcare (0.1%) industries closed strongly.

Looking at each stock, Apple (-0.57%), Alphabet (-0.74%), Amazon (-1.61%), Meta (-0.26%), NVIDIA (-2.28%), MS (-1.0%), etc. Tesla (0.27%) Excluding , the stock prices of six major big tech stocks fell in parallel. Reporter Jeong Hee-kyung