Stocks Slip as Oil Prices Drop and Job Growth Cools
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Stocks slipped on Wednesday amid fresh signs of economic malaise, as oil prices hit 5-month lows and investors looked to cooling labor market data.
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Crude oil moved 4% lower on Wednesday to trade below $70 a barrel, a five-month low, as gas prices hit their lowest level since January.
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The November jobs report on Friday will likely show an acceleration in job growth due to the end of auto worker and actor strikes, though growth is still slowing.
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Job growth in restaurants and hotels has cooled significantly, suggesting more moderate hiring and wage growth economy-wide in 2024.
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Stocks opened higher on Wednesday after new data revealed cooling in the labor market, though gains later faded.