Here are the most important news items that investors need to start their trading day:
1. Snoozing and losing
Make that three straight losing days for the Dow and the S&P 500. Granted, the declines Wednesday were tiny, but stocks are stuck in a little rut after the big November rally. The Nasdaq also slid a little Wednesday. Investors are picking over the latest jobs data, which has indicated some cooling off in the economy – and lifted hopes that the Federal Reserve may cut its benchmark rate last year. On Wednesday, private payrolls data came in lower than expected. Thursday brings weekly jobless claims, and Friday the market will be locked in on the November nonfarm payrolls report. Follow live market updates.
2. Oil slips
An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma.
Johannes Eisele | Afp | Getty Images
Stocks aren’t the only asset sliding of late. West Texas intermediate crude oil fell 4% Wednesday to under $70 a barrel, the lowest level since late June. The declines come even as the oil-producing countries of OPEC+ suggest that they will continue or perhaps deepen production cuts. In turn, gasoline prices have continued to decline, as well, falling to their lowest point since January. That should give some relief to Americans as they shop for the holidays and gear up for travel later this month.
3. Wall Street invokes Main Street
JPMorgan Chase Chairman and CEO Jamie Dimon (L) and Citigroup CEO Jane Fraser testify during a Wall Street oversight hearing by the Senate Banking, Housing, and Urban Affairs committee on Capitol Hill in Washington, DC, December 6, 2023.
Saul Loeb | Afp | Getty Images
The CEOs of Wall Street’s biggest banks on Wednesday took their fight against proposed new capital rules to Capitol Hill. And they leaned on Main Street to make their case. JPMorgan CEO Jamie Dimon argued to the Senate Banking Committee that the rules, known as the Basel 3 endgame, would make mortgages and small-business loans…
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