Stock Market Today, Dec. 16: Energy Stocks Slide as Oil Drops to Multi-Year Lows

Market Overview - The S&P 500 decreased by 0.24% to 6,800.26, while the Nasdaq Composite increased by 0.23% to 23,111.46, and the Dow Jones Industrial Average fell by 0.62% to 48,114.27, influenced by mixed jobs data and lower oil prices [1] Sector Performance - Energy stocks underperformed, with companies like APA, Diamondback Energy, and Exxon Mobil experiencing declines as crude oil prices reached multi-year lows [2] - Advance Auto Parts saw a drop due to weak auto-related retail data and specific challenges affecting consumer discretionary spending [2] Economic Indicators - The Bureau of Labor Statistics reported an increase in unemployment to 4.6%, the highest level since 2021, despite the economy adding new jobs [3] - Consumer spending remained flat, partially due to weak auto sales [3] Oil Market Dynamics - Weak jobs data may reduce oil demand, compounded by a growing surplus, with West Texas Intermediate crude oil falling below $55 per barrel, marking a four-year low, and Brent crude dropping below $60 per barrel [4] Investor Sentiment - A Bank of America survey indicates record low cash allocations and the highest equity exposure since 2022, suggesting that overly optimistic expectations may signal the market nearing its peak [5]