US Stocks Lose Ground Monday           12/04 15:53

   Wall Street gave back some of its recent gains Monday as stocks finished 
lower ahead of some key reports this week on the job market that might provide 
more insight into the Federal Reserve's thinking about interest rates.

   (AP) -- Wall Street gave back some of its recent gains Monday as stocks 
finished lower ahead of some key reports this week on the job market that might 
provide more insight into the Federal Reserve's thinking about interest rates.

   The S&P 500 closed 0.5% lower. The benchmark index was coming off its best 
month in more than a year, and reached its highest level in more than a year on 
Friday.

   The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite 
dropped 0.8%.

   Treasury yields rose broadly, putting some pressure on stocks. The yield on 
the 10-year Treasury, which influences mortgage rates, climbed to 4.25% from 
4.21% late Friday.

   Technology and communication services companies were the biggest weights on 
the market. Microsoft fell 1.4%, Nvidia dropped 2.7%, Meta Platforms slid 1.5% 
and Netflix lost 2.5%.

   Alaska Air Group slumped 14.2% after announcing it will buy Hawaiian 
Airlines for $1 billion in cash plus the assumption of debt. The deal would 
test the Biden administration as it fights consolidation in the airline sector.

   Spotify surged 7.5% after announcing its third round of layoffs this year. 
Uber gained 2.2% after the ride-hailing service was named to join the S&P 500 
index.

   All told, the S&P 500 fell 24.85 points to 4,569.78. The Dow dropped 41.06 
points to 36,204.44, and the Nasdaq gave up 119.54 points to 14,185.49.

   Markets ended mixed in Europe and Asia.

   U.S. crude oil prices fell 1.4%. Oil prices have been slipping recently, 
helping ease pressure on inflation.

   Wall Street is coming off a solid week and a strong November on hopes that 
inflation is easing enough to allow the Federal Reserve to stop raising 
interest rates. Investors are also hoping that the economy remains strong 
enough to avoid a recession.

   Investors will get several key updates on the economy this week, including 
reports on the services sector and the jobs market.

   The Institute for Supply Management will release its November report on the 
services sector on Tuesday. The sector is a key component in the U.S. economy 
and accounts for the majority of the nation's jobs. The report could provide 
more insight into consumer spending and the jobs market.

   Wall Street will get several reports this week that focus on the broader 
employment picture in the U.S. The government will release its October update 
on job openings on Tuesday and a weekly report on applications for unemployment 
benefits on Thursday.

   Investors will be closely watching the government's monthly jobs report for 
November, which is on Friday. Analysts polled by FactSet expect U.S. employers 
to have added 175,000 jobs last month. They forecast that the unemployment rate 
remained steady at 3.9%.

   The labor market has remained strong in the U.S. even as the Fed has raised 
interest rates sharply in order to fight inflation by slowing the entire 
economy. Inflation has been falling since the middle of 2022. The central bank 
paused raising rates after its most recent increase in late July.

   Wall Street expects rates to remain steady into early 2024, when the Fed 
could begin cutting interest rates back from their highest level in two 
decades. The Fed's next decision on rates will follow the close of their next 
two-day meeting on Dec. 13.

   "We're expecting to have a quiet, or at least a consensus outcome, from the 
Federal Reserve meeting and therefore the trends that are in place are likely 
to have more likelihood to continue," said Bill Northey, senior investment 
director at U.S. Bank Wealth Management.