Stocks: Attention turns to jobs report

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NEW YORK (CNNMoney)

The monthly jobs report will take center stage Friday, but concerns about the fiscal cliff will continue to linger. European shares and the euro were hit with another growth downgrade, this time in Germany.

U.S. stock futures pointed to a slightly weaker opening Friday. Stocks closed slightly higher Thursday, thanks to strength from the technology sector.

The closely watched jobs report is due out at 8:30 a.m. ET. Economists surveyed by CNNMoney predict the U.S. economy added only 77,000 jobs in November, a sharp drop from the previous month, when 171,000 jobs were created. However, most of the slowdown is expected to be a temporary effect from Superstorm Sandy.

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Investors will also get a look at how consumers are spending, an important indicator of economic health since it accounts for more than two-thirds of the nation's economy. Reports on consumer sentiment and consumer credit are due out throughout the day.

On the corporate front, Apple (AAPL, Fortune 500) shares rose Thursday, following a two-day loss of 8%. In an interview with NBC's Brian Williams, CEO Tim Cook said Apple will begin manufacturing one of its existing lines of Mac computers exclusively in the United States next year.

European markets were mixed in morning trading, after Germany's Bundesbank cut its growth forecasts and warned there was a risk of Europe's biggest economy dipping into recession in early 2013. The dollar was firmer against the euro.

Asian markets ended mixed. The Shanghai Composite performed best, adding 1.6%.

First Published: December 7, 2012: 4:37 AM ET

Source: http://money.cnn.com/2012/12/07/investing/premarkets/index.html?section=money_topstories

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