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Afternoon Note

Lackluster Session

By John Jean, Research Analyst
12/3/2024 1:29 PM

It’s a lackluster session with no influential catalyst. The Nasdaq Composite is the only index marginally touching the green.

Only two sectors are in the green, Health Care (XLV) and Communication Services (XLC). The largest laggard is Industrials (XLI), down 0.85%.

The number of openings in the JOLTs report increased to 7.744M in October from 7.372M, and beat consensus estimates of 7.48M. Interestingly, openings in the South and West rose, while openings in the Northeast and Midwest declined. Job openings increased the most in professional and business services, accommodation and food services, and Information services. Notably federal government job openings fell by 26,000.

The number of quits also increased, coming in at 3.326M in October compared to 3.098M last month. This was driven largely by accommodation and food services, with 90,000 more quits, and private education and health, with 47,000 more quits.

In other news, South Korean president Yoon Suk Yeol declared martial law after accusing the opposition party of North Korean sympathies. Following this the Korea Composite Stock Price Index closed trading. Martial law was later repealed by the National Assembly; however, it is still unclear whether their markets will open tomorrow, with the operator saying they are still deciding.


 

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