Traders work on the floor of the New York Stock Exchange during morning trading on December 10, 2025 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
Stocks fell on Tuesday as traders digested the delayed release of the November’s jobs report.
The S&P 500 dropped 0.7%, while the Nasdaq Composite traded down 0.4%. The Dow Jones Industrial Average declined 369 points, or 0.8%.
U.S. crude oil also came under significant pressure on Tuesday, falling below $55 per barrel to reach its lowest level since early 2021. Energy stocks suffered losses along with it. Shares of oil majors Exxon Mobil and Chevron dropped roughly 2% each. Others such as ConocoPhillips and Marathon Petroleum were in the red as well.
Earlier Tuesday, November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period.
However, the BLS reported that October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.
Odds of a Fed rate cut next month didn’t change following the latest jobs figures, as the CME FedWatch Tool showed little chance of another reduction in January. Fed funds futures traders are currently pricing in a 24% chance of a rate cut next month, the same as the day before.
“Today’s data paints a picture of an economy catching its breath,” said Gina Bolvin, president at Bolvin Wealth Management Group. “Job growth is holding on, but cracks are forming. Consumers are still standing, but not sprinting This combination gives the Fed more freedom to pivot without panic — and gives investors a reason to lean into quality, income, and long-term themes rather than short-term noise.”
The moves in the three benchmark U.S. indexes mark another losing day this week, as Monday’s session was pressured by losses in key artificial intelligence names. Notably, Broadcom, Oracle and Microsoft ended the session lower as investors continued to take profits from high-flying AI trades and move into other areas of the market, including health care and utilities.
“The market is selling off today, and there’s these crosscurrents going on. Everyone’s like, ‘Oh my god, the AI trade, is it done?'” Eric Diton, president and managing director at The Wealth Alliance, said to CNBC. “It’s completely normal for the AI trade and the tech trade to sell off and and take a breather.”
“Are there risks? Of course,” he added. “But is this an unhealthy market? No, we’re actually seeing a broadening of the market.”
Google could be longer-term threat to Zillow, says Morgan Stanley
Google‘s new real estate feature isn’t a big threat to Zillow in the near term, but there could be larger long-term implications ahead, according to Morgan Stanley.
Google appeared to be testing real estate listings in its search results, with property details and photos, as well as agent contact information. This could put Google in a stronger position to control consumers’ attention and marketing dollars, analyst Matthew Cost said in a note Monday.
“This speaks to the threat that next-gen discovery and agentic tools pose to traditional portal businesses like Z,” he wrote. “The combination of intent and behavioral data mean agentic tools could provide a superior user experience and ultimately capture the majority of eyeballs, which are the only real commodity when the data is free.”
— Michelle Fox
Wells Fargo upgrades Gap to overweight, citing margin improvement and ‘brand heat’
Shoppers walk past a GAP fashion retail store on Oxford Street on October 30, 2025 in London, United Kingdom.
John Keeble | Getty Images News | Getty Images
Gap CEO Richard Dickson has demonstrated a “meaningful inflection in performance” at the retailer’s two largest brands, namesake Gap and Old Navy, says Wells Fargo analyst Ike Boruchow, as he upgrades the stock to overweight from equal weight and raises its price target to $30 from $24. Gap shares closed Monday at $26.82, which suggests upside of nearly 12% from here.
Gap shares have gained nearly 14% this year, with an 11% bump in the past month alone.
Boruchow sees a longer term opportunity for improvement at Athleta, which also has new management, and with Gap’s expansion into beauty. He noted that margins have already started to improve and that should continue into 2026, especially if tariffs are reversed.
“Additionally, when we analyze brand heat within our retail universe, Gap and Old Navy have seen some of the most significant accelerations in brand mentions online in 2H – which we believe to be a signal that consumers are continuing to resonate with the brands heading into 2026,” the analyst wrote in a note to clients.
— Christina Cheddar Berk
U.S. crude oil hits lowest level since early 2021
Anton Petrus | Moment | Getty Images
U.S. crude oil on Tuesday fell below $55 per barrel, hitting the lowest level since early 2021 as traders factor in a looming surplus and the possiblity of a peace agreement in Ukraine.
West Texas Intermediate hit a low of $54.98 per barrel, the lowest level since Feb. 3, 2021. The U.S. benchmark was last trading at $55.16, down 2.92%.
Global benchmark Brent was down 2.77% at $58.88 per barrel. Read more.
— Spencer Kimball
Kalshi shows Kevin Warsh moving ahead in Fed chief race
Kevin Warsh has surged ahead of Kevin Hassett in prediction markets betting on who President Donald Trump will nominate as the next chair of the Federal Reserve, as doubts grow inside Trump’s orbit about Hassett’s candidacy.
On Kalshi, traders on Monday marked Warsh as the narrow favorite to replace Jerome Powell, assigning him roughly a 46% chance of nomination, compared with about 39% for Hassett. Just last week, Hassett’s odds were as high as 77%, and Warsh’s chance was as low as 10%. Read more.
— Yun Li
Fed independence is ‘really important,’ Hassett says
National Economic Council Director Kevin Hassett speaks to the press after doing a television interview outside the West Wing of the White House on December 16, 2025 in Washington, DC.
Anna Moneymaker | Getty Images
National Economic Council Director Kevin Hassett, one of the finalists for the Federal Reserve chair job, showed support Tuesday for central bank independence.
With President Donald Trump apparently in the final days of picking a successor to Jerome Powell at the Fed, Hassett declined in a CNBC interview to directly address his own candidacy but said forging consensus is an important part of the job.
“The Federal Reserve’s independence is really, really important, and the voices of the other people at the [Federal Open Market Committee], they’re important, too,” he said. “So the way you’ve got to drive interest rate movements is with consensus based on the facts and the data.” Read more.
— Jeff Cox
Stocks open lower
The three major averages opened Tuesday’s session in negative territory.
The S&P 500 dropped 0.2% just after 9:30 a.m. ET, while the Nasdaq Composite declined 0.3%. The Dow Jones Industrial Average moved 23 points, or 0.1%, lower.
— Sean Conlon
Stocks making the biggest moves premarket
Check out the companies making headlines before the bell:
- Pfizer — The pharma giant issued disappointing 2026 earnings guidance. Pfizer a profit between $2.80 per share and $3 per share for the coming year. Analysts polled by LSEG expected earnings per share of $3.05 for 2026. The company also reaffirmed its 2025 outlook. Shares hovered around the flatline.
- Roku — The streaming platform rose more than 4% after Morgan Stanley double upgraded the stock to overweight from underweight. “Roku’s Platform revenue growth has accelerated in 2H25, suggesting that its scaled user base, plus solid execution on deepening streaming partnerships … position the company as a continued beneficiary of industry tailwinds.”
Read the full list here.
— Sarah Min
Economy adds 64,000 jobs in November, loses 105,000 in October.
Job seekers speak with recruiters during the SacJobs Career job fair in Sacramento, California, US, on Thursday, Nov. 13, 2025.
David Paul Morris | Bloomberg | Getty Images
The U.S. economy added 64,000 jobs in the month of November, a delayed U.S. employment report showed. Economists polled by Dow Jones expected a gain of 45,000. Unemployment rose to 4.6%, higher than expected.
For October, however, 105,000 jobs were lost.
— Fred Imbert
Morgan Stanley double upgrades Roku
Morgan Stanley believes Roku has what it takes to outperform.
The bank double upgraded the streaming stock to overweight from underweight. It also hiked its price target to $135 from $85, which implies upside of 24% from Monday’s close.
Next year and beyond, analyst Thomas Yeh has higher conviction that Roku can continue to sustain its double-digit platform revenue growth. As catalysts he cited deepening platform partnerships, increases in streaming prices and premium subscription adoption, a healthy advertising backdrop and tailwinds in the connected TV industry, including growing political and sports migration.
ROKU, 1-day
CNBC Pro subscribers can read more here.
— Lisa Kailai Han
Former Kellanova CEO Steve Cahillane to lead Kraft Heinz
Steve Cahillane, President and CEO, Kellogg Company accepts Salute To Greatness Corporate Award during 2020 Salute to Greatness Awards Gala at Hyatt Regency Atlanta on January 18, 2020 in Atlanta, Georgia.
Paras Griffin | Getty Images Entertainment | Getty Images
Kraft Heinz on Tuesday announced that former Kellanova CEO Steve Cahillane will lead the company ahead of its planned split next year.
Cahillane will join the Oscar Mayer owner as chief executive on Jan. 1. After Kraft Heinz divides into two publicly traded companies, he will serve as CEO of the business it is calling Global Taste Elevation, which will include high-growth brands like Heinz, Philadelphia and Kraft Mac & Cheese. Read more.
KHC, 1-day
— Amelia Lucas
Pfizer falls on disappointing guidance
Pfizer Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, Nov. 10, 2025.
Michael Nagle | Bloomberg | Getty Images
Pfizer shares fell around 0.7% after the company issued disappointing 2026 earnings guidance. The pharma giant expects a profit between $2.80 per share and $3 per share for the coming year. Analysts polled by LSEG expected earnings per share of $3.05 for 2026.
PFE 5-day chart
— Fred Imbert
Nasdaq seeking approval for 23-hour trading
Nasdaq has asked the SEC for approval to extend trading hours to 23 hours during the week. According to Bloomberg News and Reuters reports, the exchange operator wants to add an additional session between 9 p.m. and 4 a.m. ET.
— Fred Imbert
Tesla stock closes at 2025 high
Tesla electric vehicles (EV) in front of the company’s store in Colma, California, US, on Monday, Nov. 10, 2025.
David Paul Morris | Bloomberg | Getty Images
Shares of Tesla rose nearly 3.6% to $475.31 on Monday, recording its highest close of the year after Tesla execs said over the weekend that the electric vehicle maker is testing its driverless cars on Austin public roads with no people on board.
“Testing is underway with no occupants in the car,” CEO Elon Musk wrote in a Sunday post on his social network X.
On Sunday, Tesla’s official account wrote in a pair of posts on X, “The fleet will wake up via over-the-air software update,” and “Slowly then all at once.”
Tesla shares are up 17.7% this year.
— Pia Singh, Lora Kolodny
Ford will record $19.5 billion in special charges tied to EV pullback
The Ford Lightning is seen at the New York International Auto Show on April 16, 2025.
Danielle DeVries | CNBC
Ford Motor said on Monday that it expects to record about $19.5 billion in special items related to a restructuring of its business priorities and a pullback in its all-electric vehicle investments.
The Detroit automaker said most of those charges will occur during the fourth quarter. That will be followed by $5.5 billion in cash to be charged through 2027, and the majority of that chunk will be paid next year, Ford said.
The charges will impact the automaker’s net results but not its adjusted earnings. The automaker said Monday it was increasing its guidance of adjusted earnings before interest and taxes to about $7 billion in 2025. That’s in line with a target from earlier this year, before the company lowered expectations to between $6 billion and $6.5 billion in adjusted EBIT in October.
The charges announced Monday are connected to major changes to Ford’s business plans.
The new plans include refocusing investments on hybrid vehicles, including plug-in models rather than pure EVs; canceling a next generation of large all-electric trucks in exchange for smaller, more affordable EVs; and a rebalancing of its investments in core products such as trucks and SUVs. More here.
— Michael Wayland