New York stocks to head higher ahead of jobs and wages data

141205-new-york-stocks — New York stocks are expected to open higher

New York stocks are seen opening higher today, with all eyes on a key US jobs report for November.

Jasper Lawler, CMC market analyst, expects the employment report to show a slight acceleration in US jobs growth to 230,000, above the 214,000 in October.

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The report is, however, likely to also reveal that wage growth remains lukewarm, rising just 0.2% following a 0.1% gain in October and a flat reading for September.

Lawler says: "The combination of a tightening labour market and improving economy alongside slowing wage growth that gives the Fed room to hold rates low should continue to be supportive of stock markets."

He adds that certain details in the report could also be market-moving: "Should the jobs growth be concentrated in part-time, low-skilled work, the chance of them eventually translating into higher average earnings and consumer spending is reduced."

It will be a very quiet session on the corporate earnings front. Apple, though, is likely to attract special attention. The company began trial on claims from customers and electronics retailers that it is monopolising digital music markets with iTunes and its iPod devices. The claims could cost the company $1bn if upheld.

The lawsuit against the company alleges that the company deliberately deleted users' music downloads from competing music services from 2007-2009 in an effort to monopolise the digital music market.

On the commodities front, oil prices eased further as Saudi Arabia cut the price of the crude that it sells to Asia and the United States, analysts said.The US benchmarkWest Texas Intermediatefor January delivery fell 31 cents to $66.50 a barrel in late-morning trade and Brent crude for January dropped 53 cents to $69.15.

Kam is a former deputy editor at Hemscott Invest and online editor, City A.M and he was also previously the Digital Editor at IFA Magazine. Kam is currently a senior journalist at The Global Treasurer and contributes to MoneyWeek. Kam shares expertise on the FTSE 100, investing and global stocks.