The markets initial reaction to the December jobs report fizzled by the opening bell after investors had some time to look deeper at the figures. The headline numbers showed more jobs were created than expected and the unemployment rate fell to 5.6% but wages also dropped. Stuart Freeman is the Co-Head of Global Equity Strategy, Wells Fargo Investment Institute (WFC) and says the wage data ‘is not what employees want to see’ but thinks December’s report was positive. Despite some of the most iconic American brands like Macy’s (M), McDonald’s (MCD) and Coca-Cola (KO) announcing ‘restructuring,’ Freeman says ‘this is a favorable environment for U.S. large cap for a variety of reasons.’ Sectors Freeman says to avoid right now include utilities and consumer staples.
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