4:15pm: Tesla soars to record high
US stocks wrapped up Tuesday on a mixed note, with investors weighing fresh labor market signals that offered reassurance on hiring but raised new questions about the broader economic backdrop.
The Nasdaq managed to buck the trend, edging up 54 points, or 0.2%, to 23,111, helped by strength in select tech names.
The Dow Jones slid 302 points, or 0.6%, to finish at 48,114, while the S&P 500 dipped 0.2%, closing at 6,800. Small caps also struggled, with the Russell 2000 down 0.4% at 2,520.
Much of the day’s tension stemmed from the long-delayed November jobs report. On the surface, the numbers looked encouraging: the US added 64,000 jobs last month, topping expectations.
But investors dug a little deeper and didn’t like everything they saw. The unemployment rate climbed to 4.6%, its highest level since 2021, and the Bureau of Labor Statistics also revised October’s data to show a loss of 105,000 jobs. Together, the figures painted a mixed picture of the labor market.
Attention now turns to consumer inflation data for November, due Thursday, which could further shape expectations around the Federal Reserve’s next move.
On the company front, Tesla shares closed at a record high, riding a wave of optimism around the EV maker’s push into robotaxis. The stock is up about 30% year to date, capping a volatile 2025 marked by Tesla’s pivot toward autonomous vehicles, humanoid robots, and AI chips.
In commodities, oil prices continued to feel the pressure. West Texas Intermediate hovered near $55 a barrel, its lowest level since 2021 and down roughly 22% for the year. Brent crude wasn’t far behind, off about 20% year to date, underscoring lingering concerns about global demand.
All told, markets ended the day caught between encouraging headline data and underlying warning signs, setting the stage for a potentially pivotal rest of the week.
3:45pm: Proactive news headlines
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) completed its court-approved acquisition of Challenger Energy Group, gaining full ownership of Challenger’s issued share capital.
- M2i Global Inc (OTC:MTWO) and its partners advanced plans to develop Li-NCA cathode materials, including a proposed Australian plant that would be the first of its kind outside China.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) secured a fully committed C$4 million private placement to advance development of its Cerro Caliche gold project in Mexico.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) appointed James McGuinness as global head of sales to support expansion of its commercial operations through 2026.
- 1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF) upgraded its US listing to the OTCQX Best Market, expanding visibility and access for American investors.
- Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) declared a quarterly and special cash dividend as part of its ongoing capital return strategy.
3:00pm: Market movers
- Canopy Growth Corporation (TSX:WEED, NYSE:CGC) agreed to acquire MTL Cannabis in a deal valued at about C$125 million in equity and C$179 million in enterprise value, assuming the target’s outstanding debt.
- Circle Internet Group shares jumped after Visa said U.S. banks can now settle transactions using its USDC stablecoin, marking the first U.S. rollout of Visa’s stablecoin settlement on the Solana blockchain.
- Pfizer Inc (NYSE:PFE, XETRA:PFE) forecast 2026 revenue and adjusted profit slightly below Wall Street expectations, citing falling COVID-19 product sales and rising generic competition.
- Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) reported progress across its exploration portfolio in Namibia, Angola and Gabon, highlighting 2025 drilling success and expansion with several milestones targeted for 2026.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) said it has begun commercial production of ultra high purity hydrogen at its modular Sorel-Tracy facility in Quebec following successful Phase 1A testing.
2:05pm: Data flow 'a wash': BofA
Today's data flow was “a wash,” according to analysts at Bank of America.
“Every data point, whether hawkish or dovish, had a caveat,” analysts wrote.
“Job growth was strong but dominated by healthcare. The u-rate rose but due to idiosyncratic spikes. The control group surged but restaurants & bars slid.
“On balance, we think the Fed is well positioned to wait for Dec data before making its policy decision. We still think another u-rate rise to 4.7% will trigger a cut.”
1:40pm: Nasdaq looks to extend hours
Nasdaq has filed with the Securities and Exchange Commission (SEC) to extend trading hours for US stocks, potentially moving toward nearly round-the-clock access on weekdays.
According to the filing disclosed Monday, Nasdaq proposes adding a night trading session from 9 pm to 4 am Eastern Time, separated from the regular daytime session by a one-hour maintenance break.
If approved, the change would expand trading from roughly 16 hours a day to 23 hours, five days a week, allowing overnight order flow to be executed on Nasdaq platforms. The exchange aims to launch the extended schedule in the third quarter of 2026.
12:50pm: Markets 'catching their breath'
Markets were well into the red as afternoon trading kicked off.
The Dow led the decline, down 0.7%, while the S&P 500 was off 0.6% and the Nasdaq was down 0.4%.
Investors are “catching their breath” after today’s data dump, according to Gina Bolvin, president of Bolvin Wealth Management Group.
“Job growth is holding on, but cracks are forming. Consumers are still standing, but not sprinting,” Bolvin wrote.
“This combination gives the Fed more freedom to pivot without panic—and gives investors a reason to lean into quality, income, and long-term themes rather than short-term noise. We’re entering a market environment where selectivity matters more than ever.”
12:05pm: Pfizer cuts revenue targets
Pfizer Inc (NYSE:PFE, XETRA:PFE) said on Tuesday that its 2026 revenue and profit are expected to come in slightly below Wall Street estimates, as sales of COVID-19 products fall and generic competition rises.
The company forecast revenue between $59.5 billion and $62.5 billion for 2026, with adjusted earnings per share of $2.80 to $3.
Executives said the figures reflect a $1.5 billion decline in sales of COVID-19 products, including the Comirnaty vaccine and the Paxlovid antiviral treatment, as well as pressures from generic drug competition. Excluding these factors, Pfizer expects 4% operational growth.
Shares of Pfizer fell 5.1% in Tuesday trading.
11:15am: Mixed retail picture
More economic data to digest this morning.
US retail sales in October showed mixed signals, with headline figures flat but underlying trends pointing to a stronger start to the holiday season, according to Wells Fargo.
“On the face of it, the retail sales report for October was a dud, but the underlying details offer more encouraging signals for Q4 consumer spending,” Wells Fargo analysts said. While overall sales were flat, auto sales fell 1.6% following a surge earlier in the year due to tariff-related pull-forwards and expiring tax credits. Excluding autos, retail sales rose 0.9%, with control group sales—closely tracking broader goods consumption, also beating expectations.
Wells Fargo noted that early estimates of Black Friday weekend sales point to a holiday spending pace in the middle of its 3.5-4.% annual forecast range. However, the bank cautioned that higher-frequency data suggest some slowdown through mid-December, reflecting moderating job growth and rising prices weighing on household budgets.
10:45am: Labor market hits 'air pocket'
US job growth slowed in November as the labor market hit an “air pocket” in the fourth quarter, with the federal government shedding workers and wage growth slowing to the lowest in over two years, raising expectations that the Federal Reserve may cut interest rates in January.
“The job market hit an air pocket in the fourth quarter as the federal government shed workers,” said Bill Adams, chief economist at Comerica.
“The latest jobs data pressure the Fed to cut rates again when they next meet in January. Hiring momentum has weakened in recent months, and the Fed will want to arrest this deterioration and help labor demand regain traction.”
Jeffrey Roach, chief economist at LPL Financial, said the report reflects a transformation in the labor market. “Wages are slowing and will make consumer income become a dominant theme in the new year,” he said.
“Further, a rotation in labor supply will also be a theme as we see more individuals formerly not in the labor force begin their job search. The Fed will continue to focus on the fragilities in the labor market to justify further cuts in 2026.”
10am: Nasdaq inches higher
The initial picture from Wall Street's early trading on Tuesday was far from conclusive.
The Dow Jones was 24 points in the red at 48,392, while the S&P 500 was precisely flat at 6,816.5, while the Nasdaq was up 54 points or 0.2% at 23,111.
The mid-cap Russell 2000 was four points above its last close at 2,535.
All started in the red, with investors not showing a huge amount of certainty following the earlier release of various economic data points.
9.25am: Jobs data
The delayed non-farm payrolls reports showed the US economic lost around 105,000 jobs in October, before 64,000 were added in November.
The US unemployment rate climbed to 4.6%, a four-year high, last month.
US retail sales were unchanged in October, a bit below the consensus forecast of 0.1%. Net revisions were -0.1%.
Sales excluding autos rose 0.4%, above the consensus estimate of 0.2%. Net revisions were -0.2%.
8am: Mixed picture for Wall Street
US stock futures became more optimistic as Tuesday's opening bell approached, on a day that brings a stack of keenly awaited economic data releases.
Dow Jones and S&P 500 futures were a sliver below flat, while Nasdaq 100 futures were down 0.1%, having been around 0.4% lower a few hours earlier.
In the prior session, the main Wall Street indexes all closed lower, led by a 0.6% decline to 23,057 for the Nasdaq, while the S&P fell 0.2% to 6,817 and the Dow Jones 0.1% to 48,417. The Russell 2000 dropped 0.8% to 2,532 and the Equal Weight S&P fell by 51 points.
Tesla had a standout day, briefly touching an all-time high, up more than 3.5% by the end, as optimism grew around its robotaxi business.
This mean the Mag 7 index gained, partly offseting wider tech weakness, where Broadcom led the decline, down 5.6%, with Oracle, Apple and Amazon also notable fallers.
Tuesday brings the non-farm payroll report, flash manufacturing and services PMIs, retail sales and the ADP weekly payroll update.
The NFP was delayed by the US government shutdown, with this release unusually combining data for both October and November.
The consensus expectation is for a cumulative gain of 50,000 jobs across the two months, which would be well below September’s delayed reading of 119,000 new jobs.
Unemployment is forecast to tick up to 4.5% from 4.4%, while average hourly earnings are expected to rise 0.3% month-on-month and 3.6% year-over-year, consistent with the last full NFP report from 5 September.
The fall in the Nasdaq "looks far more like a market waiting for confirmation than one preparing for trouble," says market analyst Kenny Polcari at Slatestone.
"The data will either validate the pause — or give stocks permission to re-engage. We’ll find out what that means in a couple of hours."
He says the "problem children" of Broadcom, Oracle and Coreweave are names squarely in the 'AI infrastructure', or "the picks and shovels that make AI possible" and are feeling "pressure from investors, traders, and algos who remain skeptical about whether the eventual returns will justify the massive level of spending taking place today".
"In other words, the market isn’t questioning ‘the promise’ of AI — it’s questioning the ‘timeline and payoff’. For now, that skepticism is keeping these names under pressure, even as long-term demand for AI infrastructure continues to build in the background."
Meanwhile, investors are also trying to factor in the increased likelihood that Kevin Warsh may prove to be President Trump’s pick as the next Federal Reserve Chair, rather than last week’s favourite, Kevin Hassett," said David Morrison at Trade Nation.
"Mr Warsh may be a safer pair of hands than Mr Hassett, although he sounds less likely to push for further rate cuts for now."