TIMOTHY A. Clary is pictured.
The US stock market fell on Friday, dragged by mega-cap technology shares that were battered by the new coronaviruses strain this week.
The disappointing November jobs report added to the uncertainty as investors try to figure out the path of Federal Reserve policy.
The tech-laden Nasdaq ended lower by 2% and slid to a weekly loss.
The US indexes stood at 4:00 pm. The close is on Friday.
US nonfarm payrolls grew by 210,000 last month, which was less than the 550,000 jobs that economists surveyed by Bloomberg expected.
October's revised gain of 546,000 was the reason for the reading. The fall's job growth was expected to continue in November after the Delta coronavirus variant hammered hiring through the summer.
The new Omicron coronaviruses variant and the ongoing supply-chain crisis were new challenges that stood in the way of blockbuster gains.
The unemployment rate is flirting with pre-pandemic levels and the participation rate is up, but there are significant bright spots. There isn't enough to change the Fed's course.
The unemployment rate fell to 4.2% from 4.6%. The reading was expected to be 4.5%. The number of Americans without a job fell in November.
This week, investors tried to assess the threat posed by Omicron. Edward Moya, senior equity analyst at Oanda, said that the next couple of weeks will be volatile, as almost a dozen cases have been detected in the US.
He said in a note that the focus was on the latest inflation report, the December 15th FOMC meeting, and further clarity on the impact with the Omicron variant.
The yield on the 10-year Treasury note fell to 1.355%. Bond yields move with prices.
The company reported earnings that beat expectations but issued downbeat fourth-quarter guidance.
Metaverse-related cryptocurrencies have surged by over thirty thousand% this year, far outdistancing the gains of the world's most popular digital currency, according to data from Macro Hive. The five coins it tracked rallied 20% over the past seven days.
Adidas entered the metaverse through a partnership with prominent groups in the space including the Bored Ape Yacht Club.
The prices of crude were mixed. West Texas Intermediate crude oil fell. The international benchmark for crude oil rose 0.11% to $69.75 per barrel.
The price of gold rose as much as 0.94%.
Business Insider has an original article.
