The November jobs report showed that 227,000 jobs were added, exceeding the Dow Jones consensus estimate of 214,000. The unemployment rate rose to 4.2%, which was expected.
As a result of the report, stock futures indicated slight gains, and the market now predicts a 90% chance of a quarter-point interest rate cut at the Federal Reserve's upcoming policy meeting on December 18, up from 70% prior to the report.
Enterprise software stocks, particularly ServiceNow, are performing well, with Barclays raising its price target for ServiceNow to $1,200 per share. Salesforce remains a popular choice for investors in the enterprise AI sector. Hewlett Packard Enterprise had a strong quarter, with notable orders for Nvidia's AI products. Citigroup upgraded HPE's stock to a buy rating and set a price target of $26 per share, while Barclays maintained its buy-equivalent overweight rating and increased its price target for HPE to $27 from $24.