Closing Bell: Qualcomm Tumbles; Stocks Close Lower Ahead of Jobs

Stocks spent much of Thursday in the red ahead of the jobs report out Friday morning. This release will be watched even more closely than usual for whether it justifies a rate hike as soon as December. Federal Reserve Chair Yellen said earlier this week that a year-end hike remained a possibility. Qualcomm (QCOM) sank to its lowest level in years after issuing weaker guidance than expected. The company also said it had struggled to collect payment for licensing patents from some Chinese phone makers over the quarter. Exxon Mobil (XOM) closed lower on news New York's attorney general had launched an investigation into whether the company lied about climate change risks.