Stocks fell on Tuesday as traders digested the delayed release of the November’s jobs report.
The Dow Jones Industrials blundered 244.02 points to move into Tuesday afternoon at 48,172.54.
The much-broader index dropped 25.49 points to 6,791.02.
The NASDAQ handed over 8.18 points to 23,049.24.
Pfizer issued disappointing 2026 earnings guidance. Pfizer a profit between $2.80 per share and $3 per share for the coming year. Pfizer shares ditched $1.23, or 4.6%, to $25.21,
Streaming platform Roku stepped back 92 cents, to $108.11, after Morgan Stanley double upgraded the stock to overweight from underweight.
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. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period.
However, the BLS reported that 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.
Odds of a Fed rate cut next month rose slightly following the latest jobs figures, though figures still ultimately showed little chance of another reduction in January. Fed funds futures traders are currently pricing in a 26% chance of a rate cut next month, up from 24%.
Prices for the 10-year Treasury gained, lowering yields to 4.16% from Monday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices backpedaled $1.40 cents to $55.42.
Gold prices fell back $3.30 to $4,331.90.
