Wall Street dips ahead of jobs report

Investors wait for Fed insight as tech weighs down market

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 percent lower. The benchmark index was coming off its best month in more than a year, and reached its highest level since March 2022 on Friday.

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

Treasury yields rose broadly, putting some pressure on stocks.

Technology and communication services companies were the biggest weights on the market. Microsoft fell

1.4 percent, Nvidia dropped 2.7 percent, Meta Platforms slid 1.5 percent and Netflix lost 2.5 percent.

Alaska Air Group slumped 14.2 percent after announcing it will buy Hawaiian Airlines for $1 billion in cash plus the assumption of debt.

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.

U.S. crude oil prices fell 1.4 percent.

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 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 percent.