An employment sign is seen on the window of a T-Mobile store on August 02, 2024 in New York City.
Michael M. Santiago | Getty Images
My top 10 things to watch Friday, Dec. 6
1. The November jobs report came in strong, with 227,000 jobs added versus the Dow Jones consensus estimate for 214,000. The unemployment rate ticked up to 4.2%, as expected. Stock futures were little changed ahead of the report and moved up slightly after it hit. The market is now pricing in roughly 90% odds of a quarter-point cut at the Federal Reserve’s policy meeting Dec. 18, up from about 70% before the report this morning.
2. The enterprise software stocks are now very much in favor, so get used to seemingly endless price target increases. Barclays boosted its PT to $1,200 a share from $1,000 for ServiceNow, an AI-focused business software company that is universally loved no matter the price. For the Club, we own Salesforce as our enterprise AI play.
3. Hewlett Packard Enterprise reported an overall decent quarter, but the server maker showed exceptional orders when it comes to Nvidia‘s AI products. Citigroup upgraded the stock to buy from hold with a $26 price target. Barclays, which kept its buy-equivalent overweight rating, went to $27 a share from $24.
