US JOLTs show persistent labor tightness
Key Points
- US JOLTs openings rose to 7.67M, underscoring persistent labor-market tightness ahead of the Fed decision and prompting investors to weigh the data in mixed US equity moves.
- An independent UK report estimated £10.9bn lost to Covid-era fraud and error, prompting greater fiscal scrutiny and influencing gilt issuance and investor perceptions of UK fiscal credibility.
- ExxonMobil raised its 2030 earnings and cash-flow targets and increased upstream guidance, prompting intraday gains in XOM and supporting energy-sector positioning.
- Taiwan's November exports rose 56% year-on-year, a record that boosted sentiment for semiconductor suppliers and supported regional export-sensitive equities.
Global Market Summary
US equities were mixed: the Nasdaq Composite (^IXIC) rose 0.19%, the S&P 500 (SPX) was essentially flat (-0.01%), and the Dow Jones Industrial Average (DJIA) fell 0.29% as investors weighed stronger JOLTs job openings and company-specific headlines. European markets diverged, with France's CAC (FRA40) down 0.69%, Germany's DAX (DAX) up 0.49% and the FTSE (UKX) little changed (-0.03%) after a UK report on £10.9bn of Covid-era fraud raised fiscal scrutiny and ECB supervisory comments kept focus on bank resilience. In Asia, Japan's Nikkei (NKY) gained 0.14% while China's Shanghai Composite (000001.SS) slipped 0.37%, and Taiwan's record November export surge lent support to semiconductor-related equities.
Top Movers
Energy led sector gains with XLE (0.66%) the top-performing ETF, while technology VGT (0.31%) and consumer-defensive XLP (0.20%) also advanced. Health care and industrials lagged, with XLV (-0.79%) and XLI (-0.54%) underperforming alongside financials XLF (-0.31%). Notable stock moves included WVE (14.46%), GLXY (12.90%) and PAAS (10.60%) on the upside, while DYN (-17.57%), SLM (-14.54%) and AAP (-9.38%) were among the heaviest decliners.
Macro highlights
US JOLTs job openings rose to 7.67M in October from 7.658M previously, underscoring persistent labor-market tightness ahead of the Fed decision. An independent UK report estimated £10.9bn lost to Covid-era fraud and error, a finding the report said could prompt greater fiscal scrutiny and influence gilt issuance and investor perceptions of UK fiscal credibility.
News that moved markets
ExxonMobil raised its 2030 earnings and cash-flow targets and increased upstream guidance, prompting intraday gains in XOM and supporting energy-sector positioning. Taiwan reported November exports up 56% year-on-year, a record that boosted sentiment for semiconductor suppliers and regional export-sensitive equities. Oil markets traded in a narrow range as restored Iraqi output and Ukraine peace talks constrained near-term moves, limiting directional action in crude-linked names. Completed transactions included Thoma Bravo's acquisitions of Verint and PROS Holdings; Lilly's completed acquisition of Adverum following its tender offer; LS Power's purchase of bp's US onshore wind business; and ZenaTech's acquisition of Casado Design Ltd. Announced transactions included the member-approved merger of Digital Federal Credit Union and First Tech Federal Credit Union and Creative Planning's acquisition of Marshall Financial Group.
Upcoming session watchlist
- China Inflation Rate YoY (Nov) — consensus 0.9% vs 0.2% prior, Dec 10, 01:30 AM | Signals consumer price trends and indicates near-term inflation momentum.
- Canada BoC Interest Rate Decision — consensus 2.25% vs 2.25% prior, Dec 10, 02:45 PM | Signals policy stance and implications for growth and inflation.
- US Fed Interest Rate Decision — consensus 3.75% vs 4.0% prior, Dec 10, 07:00 PM | Guides monetary policy stance and near-term borrowing cost trajectory.
- US FOMC Economic Projections — Dec 10, 07:00 PM | Updates policymakers' outlook for growth, inflation, and policy rates.
- US Fed Press Conference — Dec 10, 07:30 PM | Provides context on decision and updated economic assessment.
Key Takeaways
- US equities were mixed: Nasdaq rose 0.19%, S&P 500 (SPX) was essentially flat (-0.01%) and the Dow fell 0.29% as investors weighed stronger JOLTs and company headlines.
- Energy led sectors as XLE rose 0.66%, supported by ExxonMobil's guidance lift, while health care (XLV -0.79%) and industrials (XLI -0.54%) underperformed.
- European markets diverged: France's CAC fell while Germany's DAX rose and the FTSE was little changed as a UK £10.9bn fraud report raised fiscal scrutiny and ECB comments focused on bank resilience.
- Deal activity completed or announced for Thoma Bravo, Lilly, LS Power and ZenaTech, and several stocks posted outsized moves: WVE, GLXY, PAAS rallied while DYN, SLM and AAP declined.
References
- 1. https://www.reuters.com/business/energy/exxon-forecasts-higher-earnings-growth-through-2030-2025-12-09/
- 2. https://www.reuters.com/world/asia-pacific/ai-demand-powers-taiwan-november-exports-fastest-growth-15-12-years-2025-12-09/
- 3. https://www.reuters.com/business/energy/oil-steadies-ukraine-peace-talks-us-rate-decision-spotlight-2025-12-09/
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