Stocks Hold Near All-Time Highs as Meta Surges: Markets Wrap
(Bloomberg) — The stock market wavered near all-time highs as the latest jobs data did little to alter bets the Federal Reserve will cut rates next week. Bonds fell and the dollar fluctuated.
The S&P 500 was little changed. Meta Platforms Inc. jumped 4% as Bloomberg News reported executives are considering potential budget cuts as high as 30% for the metaverse group next year.
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Treasuries remained in a tight range, with two-year yields hovering near 3.5%. Bitcoin halted its recent rally.
Applications for US unemployment benefits hit the lowest in more than three years, indicating employers are holding onto workers despite a wave of recent layoffs.
Separate data from Challenger, Gray & Christmas showed announced layoffs at companies fell last month, but were still the highest for any November in three years.
“Overall, the net takeaway from the data served to confirm the crosscurrents evident in the labor landscape,” said Ian Lyngen at BMO Capital Markets.
Elsewhere, the yen climbed after Bloomberg News reported that key members of Prime Minister Sanae Takaichi’s government wouldn’t try to stop the Bank of Japan if it decides to raise interest rates in December.
Corporate Highlights:
Meta Platforms Inc. risks a temporary European Union ban on the rollout of new policies over how its AI features in WhatsApp after being hit by the latest probe into Big Tech’s alleged dominance on the continent. Meta Platforms’s Mark Zuckerberg is expected to meaningfully cut resources for building the so-called metaverse, an effort that he once framed as the future of the company and the reason for changing its name from Facebook Inc. Salesforce Inc. gave an outlook for revenue in the current period that topped analysts’ estimates, suggesting the software company is persuading customers to buy its AI tools. Snowflake Inc. gave an outlook for operating margin that fell short of analysts’ estimates, raising concerns among investors about the profitability of new AI-based tools. Dollar General Corp. raised its full-year outlook, highlighting value-focused retailers are winning over consumers hunting for deals. Kroger Co. lowered the top end of its full-year sales forecast, suggesting that competition is intensifying among food sellers for discerning consumers. Toronto-Dominion Bank beat estimates on record results at its capital-markets unit, continuing a trend seen across other Canadian lenders to wrap up a year marked by buoyant markets, and the company’s US business did better than forecast. Bank of Montreal beat estimates on stronger-than-expected performance at its US division, a business that’s been recently revamped to include wealth management operations, and the company’s capital-markets unit also outstripped expectations. Canadian Imperial Bank of Commerce topped estimates on strong results in its capital-markets business and Canadian and US commercial-banking and wealth-management units, continuing a two-year streak of earnings beats as a new chief executive officer takes the helm. Novo Nordisk A/S left open the door for additional work on its pill version of Ozempic for Alzheimer’s disease after a pair of failed trials, saying that patients showed a biological response in a handful of areas despite getting no cognitive improvement. Rio Tinto Group’s new chief executive will focus on cutting costs and selling assets in a bid to turn the world’s second largest miner into a slimmed-down operation centered primarily on iron ore and copper. Some of the main moves in markets:
Stocks
The S&P 500 was little changed as of 9:52 a.m. New York time The Nasdaq 100 fell 0.3% The Dow Jones Industrial Average fell 0.2% The Stoxx Europe 600 rose 0.4% The MSCI World Index rose 0.1% Bloomberg Magnificent 7 Total Return Index rose 0.3% The Russell 2000 Index fell 0.4% Meta rose 3.7% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1665 The British pound was little changed at $1.3360 The Japanese yen rose 0.3% to 154.85 per dollar Cryptocurrencies
Bitcoin fell 1.7% to $92,129.82 Ether fell 0.2% to $3,158.11 Bonds
The yield on 10-year Treasuries advanced three basis points to 4.09% Germany’s 10-year yield advanced two basis points to 2.76% Britain’s 10-year yield declined three basis points to 4.42% The yield on 2-year Treasuries advanced three basis points to 3.51% The yield on 30-year Treasuries advanced two basis points to 4.75% Commodities
West Texas Intermediate crude fell 0.2% to $58.85 a barrel Spot gold was little changed ©2025 Bloomberg L.P.
