US stock futures wobbled Tuesday amid a flurry of mixed-bag updates on the US labor market. The delayed November jobs report showed an uptick in jobs added last month, while the unemployment rate jumped to its highest since 2021.
All eyes on Wall Street turned to the latest monthly employment figures. The late-arriving November nonfarm payrolls report from the Bureau of Labor Statistics showed the US labor market added 64,000 jobs last month, more than expected. But the unemployment rate rose to 4.6%, in a potential warning sign for a market already showing some cracks. Also, the BLS said October’s print showed a loss of 105,000 jobs.
The report will add fuel to the fire on the big year-end debate over whether the Federal Reserve will halt or hasten policy easing in 2026. A plurality of traders is betting on two rate cuts from the Fed next year, as policymakers focus on tackling the labor market rather that dealing with sticky inflation.
The jobs data sets the stage for another release on Thursday, with consumer inflation numbers for November set for an unveiling. Together, the two reports make up a chunk of the “great deal of data” Fed Chair Jerome Powell has flagged the central bank will study before its next rate decision in January.
In corporates, Ford (F) shares rose in premarket trading after the automaker said it would take a $19.5 billion charge as part of a pivot away from electric vehicles. Later, focus will turn to Lennar (LEN) earnings due after the market close.
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US added 64,000 jobs in November, above analyst estimates
The US economy added 64,000 jobs in November, according to a delayed report from the Bureau of Labor Statistics released this morning.
November’s nonfarm payrolls added for the month beat analysts’ expectations of 50,000 jobs added as investors — and the Federal Reserve, fresh off another rate cut — watch for signs of how the labor market is holding up.
The unemployment rate crept up to 4.6%, its highest level since September 2021.
The jobs report was originally scheduled for Friday, Dec. 5, but it and a slew of other government data were delayed by the government shutdown earlier this fall.
Notably, federal government employment declined by 6,000, normalizing after October departures totaled 162,000 as government employees took the buyout package offered to exit civil service.
Stock market futures were largely flat on the news.
Broadcom (AVGO) stock moved 1% lower in premarket trading, putting shares on track to extend their slide for a fourth day.
The stock has declined by 16% in the past three days, including a 5.5% drop on Monday, following the company’s earnings. While Broadcom beat Wall Street’s estimates for its fiscal fourth quarter, investors viewed the chip developer’s AI backlog — $73 billion over the next 18 months — as a bit light.
That helped catalyze Broadcom’s worst three-day decline since March 2020, which in turn helped fuel a sell-off in tech names on Monday.
However, year to date, Broadcom stock is on a remarkable run and is on pace to return 46%.
Kraft Heinz names ex-Kellanova chief Steve Cahillane as new CEO
Kraft Heinz (KHC) stock edged higher on Tuesday after announcing that Steve Cahillane will become the next CEO of the company, effective January 1, 2026, according to a statement from the maker of Heinz ketchup.
Steve Cahillane, who used to be the CEO of Kellanova (K), will also join the company’s Board of Directors. Outgoing leader, Carlos Abrams-Rivera, will step down on January 1 and will serve as advisor to the company until March 6, 2026, the statement said.
Kraft Heinz announced in September that it plans to split into two companies. The group’s stock price has fallen 22% so far this year.
Oil prices fall as hopes grow for Ukraine peace talks
Oil continued to slide on Tuesday amid concerns about a supply surplus and hopes of a breakthrough in Ukraine peace talks.
Brent crude futures (BZ=F) fell 1.4% to break below $60 a barrel for the first time since May, trading near their lowest since 2021. Meanwhile, US benchmark West Texas Intermediate futures (CL=F) dropped roughly 1.6% to just below $56 a barrel.
Premarket trending tickers: Roku, Gitlab, and Zillow
Roku (ROKU) shares rose 4% before the bell following Morgan Stanley’s upgrade to Overweight from Equal Weight, along with a price target increase to $135 from $85.
Gitlab (GTLB) stock fell 3% during premarket trading on Tuesday after being downgraded by analysts at KeyBanc, who cut their rating to Sector Weight from Overweight.
Zillow (Z) stock dropped 2% in premarket trading. The housing app closed 8% down on Monday, following news that Google (GOOG) thawill start to test real estate listings in its search results.
Nasdaq seeks SEC approval for 23-hour trading during weekdays
Bitcoin breaches $86,000 while sinking toward year’s lows
Bloomberg reports:
Bitcoin (BTC-USD) dropped below $86,000 for the first time in two weeks, with investor sentiment weakening as the largest cryptocurrency slips deeper into bear market territory.
Bitcoin has been drifting toward the lower bound of its recent trading range with any bounce in price being met by selling from investors who purchased the original cryptocurrency near the all-time high reached in early October, analysts said.
… “We’ve continued to trade this very choppy range between 85k-94k in BTC, with a continued lack of interest and low volumes broadly across crypto markets,” said Bohan Jiang, senior derivatives trader at FalconX.
Bitcoin has continued to fall with other risk assets in recent weeks but hasn’t rebounded when they have, breaking its usual upside correlation. The slide highlights what analysts see as a market squeezed by weak liquidity and fading risk appetite even after the Federal Reserve’s rate cut last week.
