The Vanguard S&P 500 ETF ( NYSEMKT: VOO) closed down 0.2% on Tuesday, its third straight day of losses, after the U.S. Bureau of Labor Statistics reported fewer job losses for October, and more jobs gained in November - but unemployment and underemployment both on the rise. As Wednesday dawns, however, the market seems poised for a turnaround and is up 0.3% premarket.
The United States gained a decent 64,000 jobs in November but lost 105,000 in October as federal workers departed after cutbacks by the Trump administration, the government said in delayed reports. The unemployment rate rose to 4.6%, highest since 2021. Both the October and November job creation numbers, released Tuesday by the Labor Department, were late because of the 43-day federal government shutdown. The November job gains came in higher than the 40,000 economists had forecast.
Global shares mostly rose Wednesday, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the U.S. Federal Reserve will cut interest rates.France's CAC 40 rose 0.8 in early trading to 7,809.80. Germany's DAX edged up 0.6% to 23,856.74. Britain's FTSE 100 rose 0.2% to 9,263.14. U.S. shares were set to be mixed with Dow futures down 0.1% at 45,700.00, while S&P 500 futures gained 0.3% at 6,537.75.