CNBC Business News Update - Markets Add To Week's Gains, Job Additions For November Greater Than Expected, Lululemon, Ulta, and Petco Shares Rally

Episode Date: December 6, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks are higher following a better-than-expected November employment report. The Dow adding 107 points to 44,873. The S&P 500 up three-tenths of a percent, or 18 points. And the Nasdaq jumping 69 points, or a third of 1%. Nonfarm payrolls increased by 227,000 jobs last month. Economists had been looking for 214,000. Job additions for October were also revised higher. The November unemployment rate ticked

higher to 4.2 percent after being at 4.1 percent the prior two months. Former Fed Vice Chairman Roger Ferguson says he sees the Fed cutting interest rates at the mid-December meeting, but then pausing. This is going to be a close call, but they're likely to go with 25 basis points and then definitely be in pause and wait and see mode. They have put a lot of emphasis on inflation gradually returning to their 2% target. I think right now, you know, the emphasis has got to be on gradual, and that I think suggests one more cut, more likely than not, and then pause, wait and see. Among stocks on the move this morning, Lululemon is up nearly 9% following a better-than-expected quarterly earnings report. The athletic apparel and leisure wear maker also says it saw record online traffic on Black Friday.

Cosmetics retailer Ulta Beauty is rallying 10% after upbeat quarterly results and an improved forecast. Ulta says it's doing well in the face of a slowdown in demand and more difficult competition. And pet products retailer Petco reported a smaller-than-expected quarterly loss, helping its stocks soar by almost 23%. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash gymsclub.