Stocks Open Lower After The Jobs Report

Stocks have opened lower after a jobs report that saw payroll rains disappoint with an unemployment rate that fell to 5.8%.

In early trade, the Dow was down 35 points, the S&P 500 was down 4 points, and the Nasdaq was down 13 points.

Stock futures had been higher in pre-market trading following the report.

Friday’s jobs report said nonfarm payrolls in the US grew by 214,000 in October, while the unemployment rate fell to its lowest level since June 2008.

Expectations were for the unemployment rate to remain unchanged at 5.9% with payrolls expected to rise by 235,000.

Following the report bond yields were also little changed, with the US 10-year at 2.38% following a brief rally ahead of the report.

There hasn’t been a ton of reaction in the currency market following the report, though the dollar is broadly stronger against most major currencies.

Oil prices are also spiking a bit following the jobs report, climbing back above $US78.

Stocks in Europe were mixed following the report, with London’s FTSE gaining 0.4%, while most other major bourses were down, with the largest losses coming in Italy and Spain.

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