Stocks dropped before the open Friday as investors assessed the US monthly jobs report, which could make or sink the case for the Federal Reserve to start cutting interest rates. The unemployment rate remained steady at 3.7% in November, the nonfarm-payrolls report showed, reflecting signs that the labor market may not be cooling as quickly as many had initially thought.
Meanwhile, the economy added 199,000 jobs, up from the previous month's reading when striking auto workers and Hollywood actors came back to the workforce. This data suggests that the Fed's rate hikes have peaked and a 'soft landing' for the US economy is on the cards. Hints of a potential merger probe for tech giants like Alphabet also impacted the market. Additionally, the market is closely watching OPEC+ cuts to see if they will be enough to prevent a global glut. The hotter-than-expected jobs report is already influencing expectations for the Federal Reserve's actions in the coming year
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