After a disappointing November jobs report, the stock market dropped on Friday as the market wrapped up a roller-coaster week driven by COVID Omicron variant concerns. The most significant sector hit was the tech sector, with the NASDAQ losing -1.92% to finish the day at 15,085.47. The DOW fell 59.71 points or -0.17% to close at 34,580.08, and the S&P 500 dropped -0.84% to end at 4,538.43.
Despite a 600 point rebound on Thursday, the DOW dropped -0.91% for the week marking four straight weeks of losses. The S&P 500 fell -1.22% for its second straight week of losses, and the NASDAQ capped off the week, losing -2.62%, marking its second straight week of losses.
November's jobs report showed slower-than-expected job creation last month. Nonfarm payrolls increased by just 210,000 for the month, well below the 573,000 jobs predicted by economists. However, the unemployment rate fell sharply to 4.2%, better than estimates of 4.5%.
The stock market is trying to digest the new COVID variant Omicron and what it means for investors. The Omicron variant has now been detected in five U.S. states, with symptoms so far reported as mild.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,743.83
- Dow (INDEX:DJI): 36,316.61
- NASDAQ (NASDAQ:COMP): 16,212.23
- U.S. Dollar (ICE:DX): 94.96
- Gold (NYMEX:GC.G22): 1,766.00
- Crude Oil (NYMEX:CL.F22): 65.41
- Bitcoin (BITCOIN:BITSTAMPUSD): 66,387.40