As Tuesday’s opening approached, Dow Jones futures as well as S&P 500 futures and Nasdaq 100 futures, showed a decline in overnight trading. The anticipation of the Labor Department’s jobs report scheduled for Friday contributed to the cautious market sentiment. Additionally, the Magnificent Seven stocks experienced significant declines, with notable losses observed in Alphabet (GOOGL), Meta Platforms (META), and Nvidia (NVDA).
On the economic front, Friday’s jobs report from the Labor Department headlines the week. Wall Street economists expect the November employment report to show that employers added a solid 175,000 jobs last month as the unemployment rate held at 3.9%. It is the last major jobs report ahead of the Federal Reserve’s mid-December meeting.
Looking ahead, the ADP monthly private-sector employment report is scheduled for release on Wednesday. This report will offer insights into the employment trends within the private sector.
The week also brings key earnings reports from various companies, including AutoZone (AZO), Broadcom (AVGO), C3.ai (AI), Lululemon Athletica (LULU), and MongoDB (MDB). Additionally, Ollie’s Bargain Outlet (OLLI) and Toll Brothers (TOL) are among the companies set to announce their earnings.
In late Monday trading, GitLab (GTLB) experienced a notable 16% surge in extended trading following the release of its earnings report. The company’s shares closed just below a 54.38 buy point, showcasing positive market response to its financial performance. Dow Jones futures
On Monday, the Dow Jones Industrial Average moved down 0.1%, and S&P 500 dropped 0.5%. The tech-heavy Nasdaq composite declined 0.8%.
The Magnificent Seven stocks fell sharply Monday, as with Nvidia the biggest loser, down 2.7%. Shares are now testing their 50-day line, about 4% below a 476.09 double-bottom entry.