NEWS
Mega-Caps Make Their Move

Source: Tenor.com

Amazon and Meta are making new all-time highs, while Tesla is approaching its own 2021 peak after a monster tear. The market remains mixed at the index level, but certain pockets of tech continue to absolutely crush it. Overall, it was another positive week for risk-takers who will likely spend the weekend counting their gains. 👀

Today’s issue covers cracks in today’s labor market report, the S&P 500’s quarterly rebalancing, and the Nasdaq granting SMCI more time to file. 📰

Here’s the S&P 500 heatmap. 3 of 11 sectors closed green, with consumer discretionary (+2.11%) leading and energy (-1.70%) lagging.

Source: Finviz.com

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $CXAI, $ALBT, $GWRE, $BIOA, $LIFW 📉 $OSK, $RBLX, $REI, $PR, $SWBI*

*If you’re a business and want to access this data via our API, email us.

ECONOMY
Jobs Market Rebounds But Cracks Widen 🧐 

The U.S. jobs market bounced back in November, with 227,000 nonfarm jobs added. That was higher than the 200,000 consensus estimate, and October and September numbers were also revised higher. 📊 

The unemployment rate did tick up to 4.2%, primarily due to a drop in the labor force participation rate.

Some analysts say November’s job growth was not as strong as the headline number suggests, given that many of the job gains were from workers returning from strikes. Others suggest that growth remains concentrated in a few sectors, with healthcare, government, and leisure and hospitality driving much of this year’s gains. 🤔 

One chart that warrants further investigation is the YoY change in employment level falling into negative territory for the first time since 2010 (excluding Covid). Interestingly, the types of declines we’ve seen recently are indicative of a recession, but maybe this time truly is different. 🧐 

Source: St. Louis Fed

Nonetheless, what’s clear is that the labor market’s deceleration (not crash) continues, but it still remains strong enough to warrant wage growth above inflation’s rate. Average hourly earnings rose 0.4% MoM and 4% YoY, both 0.1% above expectations.

Odds of a Fed rate cut in the bond market jumped from 70% yesterday to 85% now…making it all but a lock ahead of the Fed’s final meeting of 2024 in two weeks.

STOCKS
The S&P 500 Index’s Quarterly Switcheroo 🧺 

It’s that time of the quarter when the benchmark S&P 500 Index makes its rebalancing decisions to ensure the portfolio represents the large-cap space to the best of its ability. Here were today’s winners and losers.

Qorvo Inc. ($QRVO) and Amentum Holdings ($AMTM) are out. The former specializes in products for wireless, wired, and power markets, while the latter is a global government and private-sector critical solutions contractor. 📉 

Apollo Global Management ($APO) and Workday ($WDAY) are in. The former is a global asset manager focused on alternative assets, while the latter is a software company providing enterprise applications for finance and HR departments. 📈 

Here’s the full list of changes to the large-cap S&P 500, Mid-Cap 400, and S&P 500, as these stocks will likely be on people’s radars until the quarterly rebalance occurs at the opening bell on December 23rd.

COMPANY NEWS
SMCI Receives More Good News 👍️ 

Embattled server maker Super Micro Computer ended the week on a high note by announcing that the Nasdaq stock exchange granted its request for an extension in submitting its financial statements.

The company now has until February 25, 2025, to file both its Annual Report Form 10-K for the fiscal year ending June 30, 2024, and Quarterly Report Form 10-Q for the period ending September 30, 2024. 📝 

As long as it meets this deadline and maintains compliance with all other listing rules, then its risk of immediate delisting would be eliminated.

Obviously, investors are cheering the news after the bell, with shares popping 9% and Stocktwits sentiment jumping into ‘bullish’ territory. Shares have nearly tripled over the last three weeks as the company slowly addresses investor concerns over its financial reporting and overall business health. 🐂 

Source: Stocktwits.com

COMMUNITY VIBES
One Tweet To Sum Up The Week 💸 

Investors have poured a record $1 trillion into US ETFs in 2024

— Stocktwits (@Stocktwits)
4:43 PM • Dec 6, 2024

Links That Don’t Suck 🌐

🏷️ This week, save over 75% on MarketSurge—get 5 weeks of unlimited access for only $39.95*

🤔 A company that turned homeowners into renters abruptly shuts down

📦️ Joining retailers like Walmart, Dollar General launches same-day delivery at some stores

🥵 More than a million oven gloves recalled after consumers report 92 minor burns

📰 Sale of UK’s Observer, world’s oldest Sunday newspaper and a bastion of liberal values, is agreed

💳️ Comerica Bank abused and neglected vulnerable customers who relied on prepaid card for federal benefits

😨 Retail giant Boohoo’s ex-CEO reportedly quit after being stalked and spied on, underscoring growing fears over executives’ security

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

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