PARIS (Reuters) – The New York Stock Exchange opened on an almost stable note on Friday, resisting downward pressure despite the publication of a monthly report on American employment which showed higher than expected job creation, which could lead the American Federal Reserve (Fed) to delay the timetable for lowering its interest rates.

In early trading, the Dow Jones index gained 30.94 points, or 0.08%, to 37,471.28 points and the broader Standard & Poor’s 500 rose 0.20% to 4,698.15 points.

The Nasdaq Composite takes 0.18%, or 26.49 points, to 14,536.79.

An hour before Wall Street opened, the US Department of Labor reported 216,000 non-agricultural job creations last month, while economists polled by Reuters forecast an average of only 170,000.

The unemployment rate, however, remained stable at 3.7%, and the increase in average hourly wages showed the same progression as in November (+0.4%).

“This report certainly pushes expectations (on rates) a little bit and May is probably a good baseline to take now for rate cuts,” said Ross Mayfield, strategist at Baird.

The money markets for their part are now counting with a probability of only 57% on a reduction in the cost of credit of at least 25 basis points in March, compared to a probability of 65% before the publication of the employment figures.

On the bond market, the ten-year yield is tightening, taking more than five basis points, to 4.0438%, at a three-week high.

In terms of values, Tesla lost 0.28%, with the electric vehicle manufacturer having to recall 1.62 million vehicles in China.

Applied Therapeutics plunges 27.96% as its heart disease treatment showed disappointing results in a clinical trial.

On the upside, Costco Wholesale gained 1.33% after the group published solid sales in December.

(Written by Claude Chendjou, edited by Zhifan Liu)

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