20:54דצמבר 03, 2021MT Newswires

US Stocks Drop as Technology, Consumer Discretionary Hit Hard; Fed Expected to Taper Despite Weak November Jobs Report

US stocks fell amid a sharp sell-off in technology and consumer discretionary names, pushing broad indexes toward a weekly decline, and government bond yields slumped on concern November's disappointing jobs report may fail to stop the Federal Reserve from kicking off tapering of its asset purchases.

The Dow Jones Industrial Average fell 0.4% to 34,515.03, with S&P 500 down 1.1% and the Nasdaq Composite 2.4% lower in the final stretch of trading on Friday.

Financials were among the worst performers, while consumer staples and utilities were the sole gainers ahead of the close.

The 10-year US Treasury yield plunged 9.1 basis points to 1.36%.

Nonfarm payrolls rose by 210,000, below the 550,000 jobs jump expected in a survey compiled by Bloomberg, while October payrolls saw an upward revision to 546,000. The survey was carried out Nov. 7-13, two weeks before the omicron variant was reported.

Chair Jerome Powell said earlier this week that the central bank will be open to the idea of moving sooner to begin the process of reducing its monthly $120 billion asset purchasing program. Such a possibility will come up at the Fed's mid-December meeting.