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Stock market news: December 6, 2019 - Yahoo Finance

Stock futures edged up Friday morning after the Labor Department’s November jobs report handily topped expectations.

Here were the main moves in markets, as of 8:35 a.m. ET:

  • S&P 500 futures (ES=F): +0.46%, or 14.25 points

  • Dow futures (YM=F): +0.52%, or 144 points

  • Nasdaq futures (NQ=F): +0.57%, or 47 points

  • 10-year Treasury yield (^TNX): +5.9 bps to 1.854%

  • Gold (GC=F): -0.76% to $1,471.80 per ounce

The Labor Department’s “official” report on the health of the U.S. job market, released at 8:30 a.m. ET, reflected still-strong employment gains and a joblessness rate near a 50-year low.

Non-farm payrolls rose by a much better-than-expected 266,000 during the month. This was well above the 180,000 consensus, which had already been one of the strongest expectations of the year heading into a jobs report.

The results got a bump from the return of striking General Motors (GM) workers, which had created a net drag of 43,000 manufacturing jobs. Manufacturing payrolls rose by 54,000 in November, ahead of the 40,000 increase expected.

Meanwhile, the unemployment rate edged down to 3.5%, matching September’s rate to mark a 50-year low. Average hourly earnings slipped slightly month on month to a 0.2% increase. And average hourly wages edged down to a 3.1% year on year, from 3.2% in October.

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. REUTERS/Lucas Jackson

Heading into the November jobs report, other surveys capturing employment trends were mostly positive. The Institute for Supply Management’s November non-manufacturing employment index rose during the month, and weekly unemployment claims remained at relatively low levels. And most economists shrugged off ADP/Moody’s most recent monthly print on private payrolls growth, which missed expectations.

“We have seen mixed signals across various labor market indicators lately, and on net, we believe that the trend in job growth has cooled but that the labor market remains healthy,” JPMorgan analyst Daniel Silver wrote in a note Thursday.

Friday’s report also serves as one of the last pieces of new data members of the Federal Reserve receive ahead of their December meeting. Market participants widely expect that central bankers will hold interest rates steady after three cuts earlier this year, as economic data firmed.

“With the final FOMC meeting of the year only a week away, updates on hiring, the unemployment rate and earnings growth will provide market participants and policy watchers alike the latest indication if a tight labor market will continue to bolster consumer spending, and thereby support the Fed’s view that monetary policy remains sufficiently accommodative,” Wells Fargo economist Sam Bullard wrote in a note.

Other new economic data reports set for release Friday include the University of Michigan’s consumer sentiment survey and the Census Bureau’s final print on October wholesale inventories.

Splitting up has been the predominant trend of the past 10 years.

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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