PARIS (Reuters) – The New York Stock Exchange opened in the red on Friday after the publication of American employment figures which show an acceleration in job creation, dashing the markets’ hopes of a rapid drop in rates of the American Federal Reserve (Fed).

In early trading, the Dow Jones index lost 16.92 points, or 0.05%, to 36,100.46 points and the broader Standard & Poor’s 500 fell 0.11% to 4,580.28 points.

The Nasdaq Composite lost 0.34%, or 48.401 points, to 14,291.59.

An hour before the opening of Wall Street, the US Department of Labor announced that the US economy had created more jobs than expected in November, 199,000, which testifies to a certain robustness of the labor market despite the decline unemployment rate at 3.7%.

The weekly unemployment registrations, the ADP survey on private employment and the job offers from the Jolts survey had nevertheless suggested at the start of the week an easing of the labor market while the Fed meets next week .

“This is a pretty good report, not too strong but strong enough to perhaps quell rumors of an anticipated rate cut,” said Peter Cardillo, economist at Spartan Capital Securities.

CME’s Fedwatch barometer now expects a 46.7% chance of a Fed rate cut of at least 25 basis points in March, up from a 57.7% chance before the jobs report was released. .

In the bond market, the yield on US Treasury bills rose by almost eight basis points, to 4.2141. However, it remains below the 5% mark reached in October.

In terms of values, Broadcom gained 1.10% after its quarterly results.

Still in the chips, Qualcomm lost 0.49% after Morgan Stanley’s advice was lowered from “overweight” to “line weighting”.

Lululemon Athletica lost 1.34% after the group lowered its revenue and profit forecast for the current quarter.

In terms of mergers and acquisitions, Honeywell lost 1.56% after information according to which the group will buy the security activity of Carrier (+4.42%) for five billion dollars.

*For values ​​to track, click

(Writing by Claude Chendjou, edited by Kate Entringer)

Copyright © 2023 Thomson Reuters