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  3. US markets end lower on Friday

US markets end lower on Friday

04 Dec 2021 Evaluate

The US markets moved back to the downside during trading on Friday following the rally seen in the previous session. The tech-heavy Nasdaq showed a particularly steep drop, tumbling to its lowest closing level in well over a month. The fall on Wall Street came amid latest news about the Omicron variant of the coronavirus. After the first confirmed omicron case in the U.S. earlier in the week, the new variant has now been detected in at least five states. Traders were also reacting to a closely watched report from the Labor Department showing much weaker than expected U.S. job growth in the month of November. The report said non-farm payroll employment rose by 210,000 jobs in November after surging by an upwardly revised 546,000 jobs in October. Street had expected employment to spike by 550,000 jobs compared to the jump of 531,000 jobs originally reported for the previous month.

Despite the much weaker than expected job growth, the unemployment rate slid to 4.2 percent in November from 4.6 percent in October. Street had expected the unemployment rate to edge down to 4.5 percent. With the much bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5 percent in February of 2020. Meanwhile, a separate report from the Institute for Supply Management showed an unexpected acceleration in the pace of growth in U.S. service sector activity in the month of November. The ISM said its services PMI rose to a record high 69.1 in November from 66.7 in October, with a reading above 50 indicating growth in the sector. The increase surprised street, who had expected the index to dip to 65.0.

Dow Jones Industrial Average fell 59.71 points or 0.17 percent to 34,580.08, Nasdaq declined 295.85 points or 1.92 percent to 15,085.47 and S&P 500 was down by 38.67 points or 0.84 percent to 4,538.43.

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