Stocks Settle Mixed on Higher Bond Yields

Economic Indicators - US weekly initial unemployment claims fell by 27,000 to a 3-year low of 191,000, indicating a stronger labor market than the expected increase to 220,000 [2] - November Challenger job cuts rose by 23.5% year-over-year to 71,321, which is the highest for November in three years but lower than the expected increase of 48.0% [2] - The markets are anticipating a 91% chance of a 25 basis point rate cut at the next FOMC meeting on December 9-10 [8] Corporate Earnings and Stock Movements - Dollar General's stock rose over 14% after it raised its full-year comparable sales forecast [3][19] - Meta Platforms increased by more than 3% following CEO Zuckerberg's announcement of a potential 30% budget cut for the metaverse group [3][19] - Hormel Foods' stock rose over 3% after reporting stronger-than-expected Q4 EPS [3][20] - Science Applications International (SAIC) saw a 16% increase in stock price after reporting Q3 adjusted EPS of $2.58, exceeding consensus estimates [18] - UiPath's stock surged over 24% after reporting Q3 total revenue of $411.1 million, surpassing expectations [17] Market Performance - Stock indexes settled mixed, with the S&P 500 reaching a 3-week high, while the Dow Jones Industrial Average and Nasdaq 100 declined from their highs due to rising bond yields [5][6] - The 10-year T-note yield rose by 5 basis points to 4.11%, influenced by the drop in initial jobless claims and rising inflation expectations [5][10] International Market Developments - The Bank of Japan is likely to raise interest rates this month, leading to an 18-year high in Japan's JGB yields [4] - European government bond yields were mixed, with the 10-year German bund yield climbing to a 2-month high of 2.775% [11][12]