The major averages pulled back as delayed economic data paints a weak picture of the economy. The Dow Jones Industrial Average fell 302 points after being higher this morning. The S&P 500 fell 16 points while the Nasdaq held on to gains, up 54 points.

The economic data pushed interest rates modestly lower.  The initial November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. However, the BLS report showed October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.

The 10 year treasury lower by 3 basis points to 4.15%. The 2-year Treasury yield fell more than 2 basis points to 3.48%. The 30-year Treasury bond yield dropped more than 3 basis points to 4.81%. Fed funds futures traders are currently pricing in a 24% chance of a rate cut next month, the same as the day before.

The financials were lower on this news today although most large cap banks are near all time highs. The weak economic data and less tensions in Ukraine pushed oil lower, to a four year low. Exxon Mobil and Chevron both dropped 2%.

Tech which has been taking it on the chin recently, was higher led by beaten up software and chip stocks, Oracle and Broadcom. Tesla made a 52 week high, up 3% on optimism of robtaxi and a pending IPO for SpaceX.

In the commodity space, oil was weak, but gold held firm above $4300. Crypto currencies performed well rebounding after recent weakness.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.