- Stocks have had a rocky start to December so far.
- It was a big week for jobs data.
- UK regulators have launched an initial review of Microsoft’s investment in ChatGPT developer OpenAI.
Here are the key news investors need to start the trading day:
Stocks have had a rocky start to December so far, with the Dow Jones Industrial Average and S&P 500 losing 0.35% and 0.2%, respectively, in the first full week of trading of the month. A loss by Friday’s close would end the five-week winning streak of both indexes. The Nasdaq Composite rose 0.2%, posting gains for the sixth straight session. Follow live market updates.
Job seekers speak with potential employers during a City of Los Angeles career fair offering job openings in more than 30 career categories on November 2, 2023 in Los Angeles, California.
Frederic J. Brown | AFP | Getty Images
It’s been a big week for employment data, with data on private payrolls, unemployment claims and job vacancies released in recent days. The main event, however, is Friday, as the Labor Department’s nonfarm payrolls data is due at 8:30 a.m. ET. Economists surveyed by Dow Jones expect a gain of 190,000 new jobs in November, more than in October, as well as an acceleration in wage growth. All of this would point to a still hot labor market, while some earlier reports this week suggested a slowdown.
U.S. President Joe Biden speaks about Bidenomics at CS Wind in Pueblo, Colorado on November 29, 2023.
Michael Ciaglo | Getty Images
The Biden administration on Thursday unveiled a new framework to improve access and lower prices for certain drugs. While the benefits sound pretty straightforward, the policy is not without controversy. It relies on so-called “march-in rights” that would allow the federal government to seize patents on drugs developed with taxpayer money that are not “reasonably” available to the public. The idea is to share the patents with other pharmaceutical companies, introduce competitive generics and lower prices. But drugmakers argue that increased competition would reduce revenue and reinvestment in developing their pipelines.
An internet user checks ChatGPT on his mobile phone, Suqian, Jiangsu province, China, April 26, 2023.
Future publishing | Future publishing | Getty Images
UK regulators have launched an initial review of Microsoft’s investment in ChatGPT developer OpenAI – the first major regulator to address competition issues in this regard. The Competition and Markets Authority is investigating whether Microsoft’s $10 billion investment in OpenAI led to a “relevant merger situation” in which Microsoft has de facto control. Brad Smith, president and vice chairman of Microsoft, said in a statement that the years-long relationship had “fostered greater AI innovation and competition while maintaining the independence of both companies.”
An independent contractor wearing a protective mask and gloves loads Amazon Prime shopping bags into a car outside a Whole Foods Market in Berkeley, California, on October 7, 2020.
David Paul Morris/Bloomberg via Getty Images
Amazon is testing a Prime-exclusive grocery subscription in the latest mix of logistics empire and supermarket offerings. Amazon Prime members in Denver, Sacramento, and Columbus have the option to pay $9.99 per month for unlimited grocery delivery from Whole Foods and Amazon Fresh (as long as they spend at least $35 on the order), as well as a 30-month Minute pickup of orders of all sizes. This represents a further optimization of Amazon’s fresh grocery business as costs rise and fewer Americans rely on home delivery, as they have during the Covid pandemic. “We’re constantly experimenting with features that make shopping easier, faster and more affordable, and we look forward to hearing how members who take advantage of this offer respond,” said Tony Hoggett, who leads Amazon’s physical stores business , in a statement.
—CNBC’s Tanaya Macheel, Jeff Cox, Annika Kim Constantino, Ryan Browne and Annie Palmer contributed to this report.
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