S&P 500 briefly tops document 6,100 as robust jobs report fails to dim rate-cut bets

Investing.com– The S&P 500 briefly topped 6,100 for the primary ever Friday after information exhibiting a larger-than-expected rebound in payrolls in November did not knock investor expectations for the Federal Reserve to chop charges later this month.

At 1:17 p.m. ET (18:17 GMT), the Dow Jones Industrial Common rose 54 factors, or 0.1%, the S&P 500 index climbed 0.3%, and had earlier topped 6,100 for the primary time ever. Whereas the NASDAQ Composite gained 0.8% additionally clinching a document excessive. 

 Nonfarm payrolls rise, however information blended total

Nonfarm payrolls elevated by 227,000 jobs final month, above the anticipated 202,000, after rising an upwardly revised 36,000 in October because the labor market reeled from Hurricanes Helene and Milton in addition to a giant strike at Boeing (NYSE:BA) factories within the West Coast. 

Economists, nevertheless, pointed to weak point within the information because the family survey confirmed 355,00 decline in family employment in November following a 368,000 decline in October.

“The family survey was weak,” Macquarie stated Friday. “The unemployment charge rose on an unrounded foundation from 4.14% to 4.25% as family employment contracted.”

The general unemployment charge got here in at 4.2%, matching expectations, and beating the prior month’s 4.1% charge. Common hourly earnings got here in at 0.4%, unchanged from October and above the 0.3% anticipated.

“As we speak’s consequence ought to preserve the Ate up course for a 25 bps charge reduce on 18-December, ” it added.

Optimistic company earnings proceed

On the company facet, various corporations launched quarterly earnings that had been nicely acquired on Wall Road.

Ulta Magnificence (NASDAQ:ULTA) inventory rose 10% after the cosmetics retailer raised its annual revenue forecast, signaling a revival in demand for perfumes and make-up throughout the vacation buying season.

Lululemon Athletica (NASDAQ:LULU) inventory climbed 18% after the sportswear maker elevated its full-year forecasts, betting on resilient demand for its athletic put on within the U.S. throughout the vacation buying season and continued energy in its worldwide enterprise.

Gitlab (NASDAQ:GTLB) inventory rose 4% after the software program firm reported fiscal third-quarter outcomes and steerage that topped expectations and introduced a brand new CEO.

DocuSign (NASDAQ:DOCU) inventory climbed over 27% after the digital signature firm raised its 2025 income forecast, after a powerful third-quarter earnings report.

(Peter Nurse, Ambar Warrick contributed to this text.)