Stock Market Today: Stocks Swing Lower as Oil Prices Retreat
A bad-news-is-good-news jobs report sent the main indexes higher at the open, but they didn't stay there for long.


Stocks jumped higher out of the gate Wednesday thanks to the latest jobs data. By mid-afternoon, however, the main indexes had erased these earlier gains as oil prices crumbled.
Ahead of the open, ADP said the U.S. added 103,000 private payrolls in November, below economists' estimates for a gain of 128,000. The data also showed that annual wage growth slowed to its lowest level since 2021 for both job-stayers (+5.6%) and job-changers (+8.3%). The ADP jobs data is the latest sign that the hot labor market is starting to cool, and comes ahead of the Labor Department's monthly nonfarm payroll report, which will be released this Friday.
"The softer turn of recent labor market releases reduces the risk that inflation pressures revive due to wage-price issues, making it easier for the Fed to pivot to rate cuts in 2024," says Bill Adams, chief economist for Comerica Bank.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The data sent the three main indexes higher to start the day. At the close, however, the Nasdaq Composite (-0.6% at 14,146), the S&P 500 (-0.4% at 4,549) and the Dow Jones Industrial Average (-0.2% at 36,054) were all in negative territory as focus shifted to sinking oil prices.
Energy stocks fall alongside oil prices
Indeed, U.S. crude futures crumbled 4.1% to $69.38 per barrel after data from the Energy Information Administration (EIA) showed gasoline inventories rose by more than 5 million barrels last week. Oil prices have been sliding in recent months and are down about 25% from their September highs near the $94 per-barrel mark.
Not surprisingly, energy stocks suffered today, with Diamondback Energy (FANG, -2.4%), Marathon Oil (MRO, -3.5%) and SLB (SLB, -2.9%) among the biggest decliners.
Mastercard announces major dividend hike
Elsewhere, Mastercard (MA) gained 0.4% after the credit card giant said its board of directors approved a 16% dividend hike. The company also disclosed a new $11 billion stock buyback program.
Mastercard is a solid choice among dividend stocks, having consistently paid shareholders since it went public in 2006. This is nearly as long as MA has been a member of the Berkshire Hathaway equity portfolio, with Warren Buffett & Co. initiating a stake in Q1 2011. The 4 million MA shares currently owned by Berkshire account for a minuscule 0.5% of the portfolio.
Bitcoin keeps rising
Bitcoin was another notable gainer Wednesday, rising 0.4% to $43,868 (Bitcoin markets don't close; price taken at 4 pm Eastern). The cryptocurrency has surged roughly 50% since late October on hopes the first spot bitcoin ETF (exchange-traded fund) could soon be approved. Current Bitcoin ETFs are tied to futures prices, which are where the cryptocurrency is expected to be trading in the future.
"The rally has been quite extraordinary even by Bitcoin's standards and highlights how excited the community is by the prospect of an ETF approval," says Craig Erlam, senior market analyst at OANDA. "Lower interest-rate expectations have almost certainly helped, but I think the ETF is still probably the primary driver."
Today's upside came even as JPMorgan Chase (JPM, -1.1%) CEO Jamie Dimon said during congressional testimony that he is "deeply opposed" to crypto. "If I was the government, I'd close it down," he added while speaking in front of the Senate Banking Committee.
Looking ahead to Thursday, weekly jobless claims will be released. Additionally, Broadcom (AVGO, -1.0%) and Lululemon Athletica (LULU, +0.8%) make an appearance on the earnings calendar.
Related content
- Will SCOTUS Strike Down Wealth Taxes?
- The Earnings Recession Is Over
- Amazon vs Walmart: Who Has the Cheapest Grocery Prices?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
The 'Nothing Ever Happens' Market: How Stocks React (Or Don't) to Geopolitical Events
Geopolitical events — terrorist acts, wars, or military intervention — can give stocks a jolt. But that doesn't mean your portfolio will take a hit in the long run.
-
Protect Your Heart: The Surprising Power of this Simple Treatment
This one measure may be as effective as lifestyle changes or some medications for safeguarding your heart health.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
Stocks Slide to Start September: Stock Market Today
Seasonal trends suggest tough times for the stock market as we round into the end of the third quarter.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
Stocks End Strong Month on a Down Note: Stock Market Today
There was likely a bit of profit-taking ahead of a historically weak September.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have Today
UNH stock was a massive market beater for ages — until it wasn't.