US Stock Futures Hold Lower After US Adds 178,000 Jobs

New York (Dec 2)  The US economy added 178,000 jobs in November, according to the Labor Department, just slightly higher than an anticipated increase of 174,000. The U.S. unemployment rate fell to 4.6% from 4.9%, hitting its lowest level since August 2007. Average wages fell 0.1% after reaching their best level since July a month earlier.

The U.S. jobs report for November is under an even more intense spotlight on Friday as investors look for confirmation the Federal Reserve will pull the trigger on interest rates at their December meeting.

The Dow scored a new record close on Thursday as banking and energy stocks gave the blue-chip index a boost. A tech selloff pulled the S&P 500 and Nasdaq lower.

Crude oil prices headed lower after a two-day rally. Crude had rocketed to six-week highs on Thursday as traders cheered a production freeze agreement among major oil-producing nations. The Organization of Petroleum Exporting Countries reached a deal on Wednesday to trim production by 1.2 million barrels a day, its first cut since 2008.

West Texas Intermediate crude was down 1% to $50.54 a barrel on Friday morning.

Starbucks (SBUX) slumped in premarket trading after CEO Howard Schultz announced his departure. Schultz will resign from his position, effective April 3, and will join the board as executive chairman to focus on big-picture initiatives. Chief Operating Officer Kevin Johnson will assume the CEO position come April.

Source: TheStreet