US open: Stocks mixed as traders digest delayed payrolls and soft retail sales

(Sharecast News) - Wall Street trading got off to a mixed start on Tuesday as market participants digested key payrolls data that had been delayed by the Federal government shutdown. As of 1510 GMT, the Dow Jones Industrial Average was down 0.14% at 48,349.96, while the S&P 500 shed 0.07% to 6,811.64, and the Nasdaq Composite came out of the gate 0.21% stronger at 23,106.47.

The Dow opened 66.60 points lower on Tuesday, extending losses recorded in the previous session.

Tuesday's primary focus was set to be both October and November's non-farm payrolls figures, which revealed the US added 64,000 jobs in November, compared with a 105,000 loss in October and market expectations of a more modest increase of 50,000.

According to the Bureau of Labor Statistics, employment rose in both healthcare and construction in November, while the federal government continued to shed jobs. The change in total non-farm payroll employment for August was downwardly revised to -26,000, while the change for September was revised lower by 11,000 too +108,000.

In November, both the unemployment rate and the number of unemployed people, at at 4.6% and 7.8m, respectively, were little changed from September. However, both were higher when compared to last November, when the jobless rate was 4.2% and the number of unemployed people was 7.1m. Consensus forecasts had the unemployment rate edging up to 4.5% from 4.4%.

Elsewhere on the macro front, retail sales in the United States flatlined in October while the previous month's growth were revised down, according to the Census Bureau on Tuesday. US retail and food services sales totalled $732.6bn, more or less unchanged from September, marking the first month of no growth since May when sales slumped. While up 3.5% on October 2024, this was slightly below the 0.1% increase expected by analysts. In addition, September's figure was revised down to 0.1% from 0.2%.

On another note, private businesses cut 32,000 jobs in November, according to ADP, following an upwardly revised 47,000 increase in October, and compared to expectations of a softer 10,000 increase. November's print marked the biggest decline in payrolls since March 2023, led by a 120,000 drop at small establishments. On the other hand, medium companies added 51,000 jobs and large one created 39,000.

Still on data, a preliminary reading of S&P Global's December manufacturing PMI decreased from 52.2 points in November to 51.8, while the services PMI decreased to 52.9 points in December from 54.1 in the prior month.

Finally, US business inventories rose 0.2% month-on-month in September, according to the Census Bureau, following August's flat reading and in line with market forecasts.

No major corporate earnings were slated for release on Tuesday.





Reporting by Iain Gilbert at Sharecast.com

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