Wall Street to Open Slightly Higher Friday as Payrolls Data Tops Forecasts

MT Newswires Live
06 Dec 2024

US stocks look set to open slightly higher in Friday's trading session as investors sift through the November payrolls data that surpassed analyst expectations.

The Dow Jones Industrial Average futures edged 0.1% higher, S&P 500 futures were marginally higher, and Nasdaq futures were up 0.2%.

Oil prices were moving lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.9% and 1%, respectively.

The unemployment rate rose to 4.2% in November from 4.1% the previous month, matching forecasters' expectations, according to Bloomberg.

Non-farm payrolls, which tracks the change in the number of people employed during the previous month excluding farm workers, rose higher than expected to 227,000.

Average hourly earnings, which measure the change in how much businesses pay for labor excluding the agricultural sector, remained unchanged at 0.4%. Analysts were expecting a decline to 0.3%.

In other world markets, Japan's Nikkei was down 0.8%, Hong Kong's Hang Seng up 1.6%, and China's Shanghai Composite 1.1% higher. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was off 0.04%, while Germany's DAX was up 0.3% and France's CAC was advancing 1.5%.

In equities, shares of Universe Pharmaceuticals (UPC) were up 197%, more than wiping out Thursday's 41% loss. Avalon GloboCare's (ALBT) stock was 112% higher, adding to a 4.7% gain the previous session. Zhibao Technology (ZBAO) shares were up 79% after the company said Friday that it signed a strategic collaboration deal to develop medical insurance products in China.

On the losing side, shares of Oriental Rise (ORIS) were down 82% after rising nearly 600% on Thursday. BTC Digital (BTCT) stock was 35% lower after the blockchain technology company said Friday it priced a public offering at $8 per share for gross proceeds of approximately $20 million. Bluejay Diagnostics' (BJDX) shares were down 25% after a 59% gain Thursday.

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