Mega-cap stocks are dropping in premarket trading. Nvidia falls over 3%; Meta, Tesla, Google, and Microsoft fall about 2%.
US employers added more jobs than forecast and wages surged by the most in nearly a year, pointing to enduring inflation pressures that boost chances of higher interest rates from the Federal Reserve.
Nonfarm payrolls increased 263,000 in November after an upwardly revised 284,000 gain in October, a Labor Department report showed Friday. The unemployment rate held at 3.7% as participation eased. Average hourly earnings rose twice as much as forecast after an upward revision to the prior month.
The median estimates called for a 200,000 advance in payrolls and for the unemployment rate to hold at 3.7%. US stock futures tumbled following the report, as investors anticipated a more aggressive stance from the Fed.
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