Stock Market Rally Stalls, Apple Market Cap Returns to $3 Trillion
The US stock market rally stalled as investors weighed the impact of a slowing economy on corporate earnings. Manufacturing contracted again, while job openings fell to the lowest in more than two years. Investors are starting to question whether equities can sustain their gains after major indices climbed in November at the fastest pace in more than a year.
The $S&P 500(.SPX)$
Manufacturing Contracts, Job Openings Fell
US manufacturing remained in contraction territory for a 13th straight month in November, signaling the struggles in the industrial side of the economy, according to the Institute of Supply Management (ISM).
The ISM manufacturing index was unchanged at 46.7% in November, staying below the 50 level that delineates expansion from contraction. The reading is below the 47.7% expected by economists surveyed by the Wall Street Journal.
The new orders index fell 3.4 percentage points to 46% in November from a month earlier, according to ISM.
On the other hand, job openings fell in October to 8.7 million on the last business day of October, adding to evidence of a cooling job market, Dow Jones reported. About 3.6 million quit their jobs in October, little changed from a month earlier, according to the Bureau of Labor Statistics. The data could mean waning confidence among workers that they could get higher wages elsewhere if they leave their current jobs.
Gold Extends Retreat as Dollar Marches Higher, Crude Oil Slips
Gold pulled back from a record as the dollar marched higher, curbing the appeal of the precious metal for holders of other currencies.
Crude oil declined amid mounting concerns the voluntary production cuts by the Organization of Petroleum Exporting Countries and its partners of about 1 million barrels per day may not be enough to tilt the supply balance given expectations of weaker winter demand.
Apple's $3 Trillion Market Cap
$Apple(AAPL)$
Nio's Smaller-Than-Expected Loss
$NIO Inc.(NIO)$
Snap's Rating Upgrade
$Snap Inc (SNAP.US)$ shares gained 2% after Jefferies analyst James Heaney raised his rating on the parent company of Snapchat to buy from hold and lifted his price target to $16 from $12. Heaney said recent improvements in direct-response advertising could continue to drive performance, Barron's reported.
P&G to Book Up to $2.5B Charge
$Procter & Gamble (PG.US)$ shares fell 3.5% after the company said that it expects to record charges worth $2 billion to $2.5 billion after-tax for restructuring its business operations and an impairment charge from Gillette asset writedown, according to Benzinga.
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