Stock Market Update

The S&P 500 futures are up 29 points and are trading 0.4% above fair value, the Nasdaq 100 futures are up 118 points and are trading 0.4% above fair value, and the Dow Jones Industrial Average futures are up 179 points and are trading 0.5% above fair value.

Nonfarm payrolls increased by 12,000 in October (Briefing.com consensus 120,000) following a revised increase of 223,000 in September (from 254,000). Nonfarm private payrolls dropped by 28,000 in October (Briefing.com consensus 105,000) following a revised increase of 192,000 in September (from 223,000).

The unemployment rate remained at 4.1% in October (Briefing.com consensus 4.1%).

Average hourly earnings increased by 0.4% in October (Briefing.com consensus 0.3%) following a 0.3% increase in September (revised from 0.4%). The average workweek was unchanged at 34.3 hours in October (Briefing.com consensus 34.2).