Something for bulls and bears in jobs report -strategist

STORY: U.S. stock market movement was choppy on Friday as investors digested the mixed jobs report that had lifted hopes of the Federal Reserve shifting to smaller rate hikes in the future.

The S&P 500 and the Nasdaq each rose as much as 2% after a closely watched report showed an uptick in the unemployment rate in October, pointing to some cooling in the labor market that could give the Fed cover to reduce the size of its rate hikes from December.

However, the non-farm payrolls report also showed average hourly earnings rose 0.4% in October against a forecast of 0.3%, while job growth was stronger than expected.