Fri Dec 06 12:30:00 UTC 2024: ## Market Wobbles as Jobs Report Looms, Bitcoin Retreats After Record High
**NEW YORK, Dec 5, 2024** – Stock futures showed little movement Friday morning, awaiting the crucial November jobs report. Thursday saw a mixed market performance, with the S&P 500 and Nasdaq reaching new all-time highs intraday before closing slightly down. Small-cap stocks experienced a more significant pullback.
Bitcoin, after briefly exceeding $100,000 for the first time, retreated from its peak. While several stocks, including Tesla, Microsoft, and BlackRock, showed positive signs, others, particularly in the software sector, experienced losses following their earnings reports. Samsara, for instance, saw its stock price fall despite exceeding Q3 earnings estimates.
The November jobs report, due at 8:30 a.m. ET, is expected to show nonfarm payrolls rising by 200,000, a rebound from October’s weak performance. Economists predict a rise in the jobless rate to 4.2% and a slight decrease in average hourly earnings.
Earnings reports from several software companies, including DocuSign, GitLab, and Samsara, yielded mixed results, with some stocks surging while others significantly declined. The broader tech sector also felt the impact, with the iShares Expanded Tech-Software Sector ETF (IGV) losing 1.2%.
Despite the overall market uncertainty, some sectors showed strength. Airline stocks rose on positive guidance, and energy stocks also saw gains. However, homebuilders continued to struggle.
Analysts are advising caution, particularly for investors holding stocks significantly extended from their moving averages. Strategies for managing these “heat stocks” – those that have seen rapid price increases – include taking partial profits to secure gains while maintaining core positions.
First Piper 