Wall Street gave back some of its recent gains Monday as stocks finished lower ahead of reports coming this week on the job market that might provide insight into the Federal Reserve's latest thinking about interest rates. The AP reports:
- The Dow fell 41.06 points, or 0.1%, to 36,204.44.
- The S&P 500 fell 24.85 points, or 0.5%, to 4,569.78
- The Nasdaq fell 119.54 points, or 0.8%, to 14,185.49.
Technology and communication services companies were the biggest weights on the market. Microsoft fell 1.4%, Nvidia dropped 2.7%, Meta Platforms slid 1.5%, and Netflix lost 2.5%. Alaska Air Group slumped 14.2% after announcing it will buy Hawaiian Airlines in a $1.9 billion deal, including the assumption of debt, a tie-up that would test the Biden administration as it fights consolidation in the airline sector. Spotify surged 7.5% after announcing its third round of layoffs this year. Uber gained 2.2% after the ride-hailing service was named to join the S&P 500 index.
Wall Street is coming off a solid week and a strong November on hopes that inflation is easing enough to allow the Federal Reserve to stop raising interest rates. Investors are also hoping that the economy remains strong enough to avoid a recession. The updates on the economy due this week include reports on the services sector and the jobs market. The Institute for Supply Management will release its November report on the services sector on Tuesday. The government will release its October update on job openings on Tuesday and a weekly report on applications for unemployment benefits on Thursday. Investors will be closely watching the government's monthly jobs report for November, which arrives on Friday.
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