Market News

The US labor market was unexpectedly strong, with non-farm payrolls rising more than expected by 199000 in November, the unemployment rate unexpectedly falling to 3.7 per cent, the market struggling between economic recovery and expectations of a cut in interest rates next year, and US stocks were mixed on Friday. The Dow and S & P 500 rose, while the interest-sensitive Nasdaq fell. The yield on 10-year US Treasuries rose sharply, rising more than nine points to 4.23 per cent, putting pressure on market sentiment. The S & P 500 opened 9.39 points, or 0.2% lower, at 4576.20; the Dow opened 32.56, or 0.09%, at 36084.82; and the Nasdaq opened 60.54, or 0.42%, at 14279.46. Nvidia (NVDA.US) rose 1.2%, making it the third best performing component of the Nasdaq. AMD (AMD.US), which led the rally on Thursday, rose 0.6 per cent. Alphabet (GOOGL.US) fell sharply, with the stock down 1.3 per cent. Lululemon (LULU.US)'s fourth-quarter sales forecast was more modest, with the stock falling before falling 1 per cent.