Stocks Drop as Jobs and Wage Growth Slowdown Damps Economic Optimism
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Stocks and oil fell Wednesday as November's rally sputtered out after data showed jobs and wage growth slowed more than expected in November.
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Hiring and wage growth slowed considerably in November, according to data from ADP. The company suggested the private sector added 103,000 jobs last month.
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Campbell Soup (CPB) led the S&P 500, gaining 7.1% after its quarterly earnings beat Wall Street estimates as price hikes offset a decline in sales volume.
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Shares of Lucid Group (LCID) rose 5%, rebounding from yesterday’s losses following price cuts on the luxury electric vehicle maker’s least expensive model.
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British American Tobacco (BTI) tumbled over 8% to their lowest since 2010 as the cigarette maker said it would write down the value of its U.S. brands by $31.5 billion.