Tech Leads Stock Losses as Traders Weigh Jobs, Fed
Stocks extended their weekly losses, with traders assessing a mixed jobs report against prospects for Federal Reserve’s monetary policy.
Technology shares led declines in the S&P 500, while the Nasdaq 100 underperformed. China’s companies listed in the U.S. tumbled amid ride-hailing giant Didi Global Inc.’s preparations to withdraw from American exchanges and the Securities and Exchange Commission’s plan to force foreign companies to open their books to scrutiny or risk delisting. Facebook parent Meta Platforms Inc. plunged 20% from its September peak, with shares set to a enter bear market. The dollar rose.
Stoxx Europe is down by 0.68%
Dow Jones is down by 0.55%
NASDAQ is down by 2.29%
U.S. Payrolls Growth Slowed in November While Jobless Rate Fell
U.S. job growth registered its smallest gain this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Federal Reserve to quicken the wind-down of pandemic stimulus. Nonfarm payrolls climbed 210,000 in November after upward revisions to each of the prior two months, a Labor Department report showed Friday. The labor force participation rate edged up to 61.8%.
Singapore Says Vaccinated Travelers Must Test Daily for a Week
Singapore will require additional testing for travelers and extend travel curbs to more African countries, as it rolls out more measures to allow it time to figure out how to deal with the omicron coronavirus variant. All travelers on its so-called vaccinated travel lanes will have to be put on a daily testing regime over seven days using self-administered rapid testing, the Ministry of Health said in a statement on Friday.
Key Omicron Findings May Be Known in Days, WHO Scientist Says
Urgent studies to understand how effective Covid vaccines are against omicron have begun in a global collaboration that may yield answers in a few days, a World Health Health Organization scientist said. Some 450 researchers around the world have begun work to isolate the highly mutated variant from patient specimens, grow it in the lab, verify its genomic sequence, and establish methods to test it in blood-plasma samples, said Ana-Maria Henao-Restrepo, who co-leads the WHO’s research and development blueprint for vaccines and innovations during outbreaks and pandemics.
SoftBank Poised to Lose $74 Billion Payday If Arm Deal Is Halted
With SoftBank Group Corp.’s sale of Arm Ltd. to Nvidia Corp. in severe jeopardy, the company faces the prospect of losing a jackpot of roughly $74 billion. And its consolation prize is uncertain. U.S. antitrust officials sued to block the takeover on Thursday, arguing it will stifle innovation in the chip industry. Nvidia has vowed to press ahead, but the transaction also faces reviews from U.K., European Union and Chinese regulators — as well as opposition from Arm’s own customers — and Wall Street analysts are all but calling the deal dead.
China Looks to Ease Monetary Policy to Help Smaller Firms
China will cut the amount of cash banks have to keep in reserve to aid smaller firms, the Premier Li Keqiang said Friday, although he didn’t say when the reduction would happen.
