The Dow Jones Industrial Average rose 0.6% amid robust U.S. nonfarm payrolls data, while Oracle shares plunged 12% after reporting earnings below expectations. ATI outperformed, breaking above a key technical threshold.
- Dow Jones Industrial Average rose 0.6% (184 points) to 41,253 on strong jobs data.
- U.S. nonfarm payrolls increased by 275,000 in November, well above the 180,000 forecast.
- Oracle (ORCL) fell 12.3% after EPS of $1.32 missed the $1.38 consensus.
- ATI surged 7.4% after breaking above $52.50 resistance, with volume up 45%.
- Tech sector saw modest decline as Oracle's earnings sparked broader caution.
- Market now assessing Fed policy outlook with 42% odds of January rate cut.
The Dow Jones Industrial Average closed higher on Thursday, gaining 184 points to finish at 41,253, driven by a stronger-than-expected jobs report that fueled optimism about economic resilience. The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 275,000 in November, far exceeding the 180,000 forecast, with the unemployment rate holding steady at 4.1%. This data strengthens the case for a potential delay in Federal Reserve rate cuts, impacting bond markets and equity valuations. In individual stock moves, Oracle Corp. (ORCL) dropped 12.3% after reporting fiscal Q1 earnings per share of $1.32, falling short of the $1.38 consensus estimate. Revenue came in at $12.7 billion, slightly above expectations, but cloud revenue growth slowed to 15%, raising concerns about long-term scalability. The sell-off in Oracle weighed on the broader technology sector, with the Nasdaq Composite down 0.4%. Meanwhile, Altice USA (ATI) surged 7.4% after breaking above its $52.50 resistance level, a key technical signal noted by traders. The gain followed a broader recovery in telecom and media stocks, as investors rotated toward value-oriented names amid rising interest rate volatility. The stock now trades near its highest level in six months, with volume up 45% above average. Market participants are now turning their focus to the upcoming Federal Reserve meeting and inflation data, with futures indicating a 42% chance of a rate cut in January. The divergence between the strong labor market and tech sector volatility underscores shifting sentiment among investors weighing growth versus stability.