Here are five key things investors need to know to start the trading day:
1. Record slip
Stocks moved lower Thursday, retreating from the records the major indexes hit in the previous trading session. The Dow Jones Industrial Average dropped 248.33 points, or 0.55%, while, the Nasdaq Composite dipped 0.18% and the S&P 500 slipped 0.19%. Bitcoin, meanwhile, also traded a bit lower, falling below $100,000 after it climbed above that threshold for the first time late Wednesday. Follow live market updates.
2. Jobs time
Hiring signage displayed at a job and resource fair hosted by the Mountain Area Workforce Development Board in partnership with NCWorks in Hendersonville, North Carolina, US, on Tuesday, Nov. 19, 2024.
Allison Joyce | Bloomberg | Getty Images
It’s the first Friday of December, which means it’s time for the Labor Department’s nonfarm payrolls report. Investors will be watching to see if the jobs report gives a clearer picture of the labor market after a month that was muted by strikes and storms. Friday’s report is expected to show an increase of 214,000 jobs in November, which would be a significant jump from October’s underwhelming 12,000 gain. It will also give the Federal Reserve a sign of the economy ahead of its next policy meeting.
3. Retail rallies
An employee passes in front of hair dye products on display for sale at an Ulta Beauty Inc. store in New York, U.S., on Thursday, May 31, 2018. Photographer: Gabby Jones/Bloomberg via Getty ImagesUlta reported late Thursday that its comparable sales rose 8.1 percent in the first quarter from a year earlier. The increase was driven by all the right things: A booming 48 percent increase in digital sales, as well as 5.1 percent growth in transactions and a 3 percent increase in average ticket. Photographer: Gabby Jones/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Shares of Ulta and Lululemon popped after the companies reported earnings that beat Wall Street’s expectations on the top and bottom lines. Ulta also raised its full-year outlook slightly as the beauty retailer shook off fears that the company was facing increasing competition and slowing demand for makeup and skincare. Lululemon, meanwhile, offered holiday guidance that was in line with expectations as the yoga pants retailer expressed some caution with the company’s fourth quarter outlook.
4. Boeing boomerang
Boeing 737 Max fuselages sit on railcars during an ongoing strike by the company’s factory workers in Seattle, Washington, U.S., October 30, 2024.
David Ryder | Reuters
A federal judge rejected Boeing‘s plea deal tied to two crashes of its 737 Max aircraft, citing concerns with the Justice Department’s diversity, equity and inclusion policies. Boeing had agreed in July to plead guilty to a criminal fraud charge and to pay a $243.6 million fine after the DOJ said the manufacturer violated an earlier agreement. Lawyers for victims’ family members had criticized the plea deal and wanted to have more say in the selection of a monitor to oversee the company.
5. Sacks taps
Zenefits CEO David Sacks speaks at the TechCrunch Disrupt conference in San Francisco, Calif.
Paul Chinn | San Francisco Chronicle | Hearst Newspapers via Getty Images
President-elect Donald Trump has named an artificial intelligence and crypto “czar.” He tapped venture investor and podcaster David Sacks for the role in a post on social media Thursday, noting that Sacks would “steer us away from Big Tech bias and censorship.” It was a sign that Trump is rewarding prominent tech tycoons who supported his campaign. Sacks had been a big financial backer for Trump during his 2024 campaign despite criticizing him after the Jan. 6 Capitol riot.
— CNBC’s Lisa Kailai Han, Pia Singh, Jeff Cox, Leslie Josephs, Melissa Repko, Gabrielle Fonrouge and Kif Leswing contributed to this report.