Wall Street's main indexes slipped Tuesday, dragged down by losses in healthcare and energy stocks, as investors parsed a barrage of economic data to gauge the Federal Reserve's monetary policy outlook for next year.

A Labor Department report showed nonfarm payrolls increased by 64,000 jobs in November following a decline in October because of government spending cuts.

But the unemployment rate rose to 4.6% in November against the backdrop of economic uncertainty stemming from President Donald Trump's aggressive trade policy.

While the report offered insight into how the labor market was faring in the third quarter, analysts flagged the likelihood of the figures being distorted by slow data collection due to a recent government shutdown.

"(Fed Chair Jerome) Powell is likely to view today's jobs data with a fair degree of skepticism," said Seema Shah, chief global strategist at Principal Global Investors, in a note.

"The larger-than-expected rise in the unemployment rate will still trigger some creeping concern within the Fed."

Policymakers broadly acknowledged signs of a weakening jobs market when the central bank lowered rates last week. After Tuesday's data, investors are pricing in interest rate cuts of at least 58 basis points next year — more than double the 25 bps signaled by the Fed last week.

At 12:29 p.m. EST, the Dow Jones Industrial Average fell 286.09 points, or 0.59%, to 48,130.86. The S&P 500 lost 33.27 points, or 0.49%, to 6,783.24, while the Nasdaq Composite dropped 39.16 points, or 0.16%, to 23,019.04.

All the 11 S&P sectors posted declines, led by a 2.7% loss in energy as crude prices slid. Carriers such as United Airlines and Southwest, however, gained about 3% each.

Healthcare fell 1.4%, with Pfizer down 4.7% after the drugmaker forecast a challenging 2026 due to weaker sales of COVID-19 products and squeezed margins.

The S&P 500 and the Nasdaq hovered near their three-week lows as persistent uncertainty over rate cuts and concerns about lofty tech valuations continued to weigh on market sentiment.

Investors also assessed other data reports that suggested a cooling economy on Tuesday. A survey showed U.S. business activity growth hit a six-month low in December, while retail sales were unchanged in October.

Meanwhile, White House economic adviser Kevin Hassett, one of Donald Trump's top contenders for the Fed chair post, said the central bank's independence was important, at a time when concerns persist that he might be too close to the president.

Among other stocks, B. Riley jumped 39% after the investment bank reported a profit for the second quarter, compared with a year-ago loss in an overdue quarterly filing.

Humana lost 5.3% after the health insurer announced leadership changes.

Separately, a Reuters report said Nasdaq submitted paperwork with the U.S. Securities and Exchange Commission to roll out round-the-clock trading of stocks, months after the New York Stock Exchange and Cboe Global Markets announced similar plans.

Declining issues outnumbered advancers by a 1.75-to-1 ratio on the NYSE and by a 1.28-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and three new lows, while the Nasdaq Composite recorded 64 new highs and 155 new lows.