Week In Perspective | Jobs Data Delivers Bumpy Week [22-December-25]

Updated: 22-December-25

The Week on Wall Street

Stocks posted a slight gain last week as mixed jobs data triggered some selling pressure before a cooling inflation report helped stocks recover.

The Standard & Poor’s 500 Index inched ahead 0.10 percent, while the Nasdaq Composite Index advanced 0.48 percent. The Dow Jones Industrial Average slipped 0.67 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.21 percent.^1,2

Round Trip for Stocks

A mixed jobs report on Tuesday created some concerns about the economy, leading the S&P 500 and Dow Industrials to modest declines. However, the tech-heavy Nasdaq posted a modest gain.^3,4

Stocks continued their retreat on Wednesday with a handful of AI-related names leading the decline.⁵

Markets then staged a rebound as a fresh inflation report came in cooler than expected for November, raising investor hopes that interest rates may trend lower. The S&P 500 and Dow Industrials broke four-day losing streaks, while the Nasdaq rebounded 1.4 percent on Thursday alone.⁶

Megacap tech stocks rebounded on the last trading day of the week, lifting the broader market. Investors appeared to look past a disappointing report on consumer sentiment.⁷

The Push & Pull of Jobs & Inflation

The Bureau of Labor Statistics combined its October and November employment data into one report. However, the October report only contained partial data due to the shutdown, while the November numbers reflected full data.

While November saw an unexpected increase (+64,000 versus economist expectations of +45,000), the October report showed employers cut 105,000 jobs. The unemployment rate ticked up to 4.6 percent.⁸

The Consumer Price Index’s (CPI) 2.7 percent year-over-year pace for November was slower than the 3.1 percent economists expected, and slower than September’s 3.0 percent pace. Market gains were tempered, however, as economists cautioned that shutdown-related gaps may have influenced some of the data.⁹

This Week: Key Economic Data

Tuesday: Gross Domestic Product (GDP)*, Q3. Durable Goods* (Oct). Consumer Confidence. New Home Sales, Sept.* Industrial Production, Oct.*

Wednesday: Weekly Jobless Claims. Survey of Business Uncertainty.

Thursday: CHRISTMAS HOLIDAY—MARKETS CLOSED

^{* indicates publication of a report delayed by the government shutdown in October and November}
_{Source: Investors Business Daily - Econoday economic calendar; December 19, 2025.
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.}

This Week: Companies Reporting Earnings

No major companies are reporting earnings this week.

_{Source: Zacks, December 19, 2025.
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.}

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