Wall Street Treads Water After Mixed Jobs and Retail Data – US Market Wrap

Signs that the US job market is sluggish but not rapidly deteriorating prompted traders to desist from increasing bets on near-term Federal Reserve rate cuts, with stocks dipping and bonds fluctuating.

A noisy reading indicating some of the effects of the government shutdown was viewed with scepticism. While big tech pulled the S&P 500 from session lows, the gauge struggled to get traction. Treasury rates fell as swaps indicated only a 20% chance of a January Fed decrease. A reduction is entirely budgeted for by mid-2026.

Nonfarm payrolls rose 64,000 in November after falling 105,000 in October due to a decline in federal employment. The jobless rate rose to 4.6% last month from 4.4% in September, the highest since 2021.

A separate study revealed that US retail sales were slightly changed in October, as strong spending in numerous categories was offset by a fall in motor vehicle dealers.

The S&P 500 fell 0.2%. The yield on 10-year Treasuries fell two basis points to 4.15%. The dollar remained quite stable. West Texas Intermediate oil fell to about $55 per barrel.