STOCK MARKET NEWS: Strong jobs report, DOJ eyes FTX, choppy trading session

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incoming update…Breaking News Stocks slide, 10-year Treasury yield spikes after strong jobs data

U.S. stocks fell across the board as the yield on the 10-year Treasury spiked above 3.5% following the stronger-than-expected November jobs report which included a hefty jump in wages creating a new wrinkle for the Federal Reserve in their inflation fight. In commodities, oil ticked up to the $81 per barrel level. Posted by FOX Business Team ShareBreaking News DOJ eyes FTX(Photo by Michael M. Santiago/Getty Images)

The Department of Justice may probe the collapse of crypto trading firm FTX and whether its founder Sam Bankman-Fried and other executives on how the company and its funds were mismanaged, according to Coindesk.Posted by FOX Business Team ShareBreaking News November was a strong month for U.S. job growth and wages saw a big move.

ECONOMYUS economy adds 263,000 jobs in November, better than expected as hiring remains solidThe Labor Department’s November jobs report provided a key snapshot of the labor market’s health amid growing fears that the U.S. is headed for a recession.

Posted by FOX Business Team ShareStock futures trade lower ahead of jobs reportStock traders (AP)

U.S. equity futures were trading lower ahead of the most anticipated economic report of the month. the November jobs report.

The major futures indexes suggest a decline of 0.1% when the opening bell rings for the final time this week.

Oil benchmarks were on track for their first weekly gains after three consecutive weeks of decline.

U.S. West Texas Intermediate crude futures traded around $80.00 per barrel.

Brent crude futures traded around $86.00 per barrel.

This weeks key economic report, Novembers employment data out at 0830 ET Friday morning, will give investors further insight into the impact that higher borrowing costs are having on growth.

Economists surveyed by Refinitiv say the U.S. economy likely added 200,000 new nonfarm jobs. 

Thats down from a stronger-than-expected tally of 261,000 in October and would mark the weakest job growth since December 2020. 

“The outlook has been fading for the job market after the strength seen earlier this year. Thats expected to be reflected in the November employment data,” said Bankrate.com senior economic analyst Mark Hamrick. “After matching the pre-pandemic low of 3.5% in July and September, the jobless rate edged up to 3.7% in October. Further increases in the unemployment rate are likely in the unemployment rate in the months ahead, even if unchanged in the forthcoming November snapshot.”

The unemployment rate is anticipated to hold steady at 3.7%.

In Asia, Tokyo’s Nikkei 225 index lost 1.6%, the Hang Seng in Hong Kong edged down 0.3% and China’s Shanghai Composite index gave up 0.3%.

The declines followed a 0.1% retreat in the benchmark S&P 500, which closed at 4,076.57 on Thursday. The Dow Jones Industrial Average fell 0.6% to 34,395.01, while the Nasdaq edged 0.1% higher to 11,482.45. Posted by Ken Martin ShareLayoffs mount as job market gets murkyA sign advertises for help. (AP Photo/Robert F. Bukaty, File)

A growing number of businesses are laying off workers en masse as they brace for a potential recession triggered by high inflation and rising interest rates.

Despite still-solid job growth and record-high wages in many industries, dozens of businesses are battening down the hatches as they warn of an increasingly grim economic outlook.

Amazon, Apple, Meta, Lyft and Twitter are among the companies either implementing hiring freezes or letting workers go as the Federal Reserve moves to raise interest rates at the fastest pace in decades in order to combat inflation.

Economists widely expect the Fed to trigger a recession with higher interest rates, which could force consumers and ultimately businesses to pull back on spending.  

Continue readingPosted by Ken Martin ShareGasoline price decline continues into the weekendGas prices (AAA)

The nationwide price for a gallon of gasoline slipped Friday to $3.448, according to AAA.

The average price of a gallon of gasoline on Thursday was $3.470.  

One week ago, a gallon of gasoline cost $3.578. A month ago, that same gallon of gasoline cost $3.765.

Gas hit an all-time high of $5.016 on June 14.

Diesel declined to $5.132.Posted by Ken Martin ShareOil heads for weekly gainOil rigs pumping (Reuters)

Oil futures were trimming gains on the day ahead of the release of the monthly jobs report in the U.S. and a weekend meeting of OPEC+.

U.S. West Texas Intermediate crude futures traded around $80.00 per barrel.

Brent crude futures traded around $86.00 per barrel.

Both benchmarks were on track for their first weekly gains after three consecutive weeks of decline.

European Union governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.Posted by Ken Martin ShareCryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mixed Friday morningBitcoin was trading around $16,000, after falling 1% on Thursday, snapping a two-day winning streak.

For the week, Bitcoin was trading 2% higher.

The cryptocurrency has lost more than 63% year-to-date.

Ethereum was trading around $1,200, after gaining 6% in the past week.

Dogecoin was trading at 9 cents, after gaining more than 24% in the past week.Posted by Ken Martin Share

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