Goldman Sachs stated that the reaction of the US stock market to the non-farm payroll report for December, which will be released this Friday, depends on the specific numbers.

The market generally expects that the pace of job growth in the US will slow down last month. Economists surveyed by Dow Jones estimate that the non-farm payrolls for December will increase by about 155,000, down from 227,000 in November; Goldman Sachs' economic team expects an increase of 125,000, with the unemployment rate rising from 4.2% to 4.3%.

John Flood, a global banking and market strategist at Goldman Sachs, pointed out that an increase in jobs exceeding 155,000 indicates a strong labor market and economy, but the stock market may be pressured by rising US Treasury yields.

In a note to clients on Wednesday, he said: "If non-farm data is too hot, interest rates rise, and the stock market does not welcome it; if non-farm data is too cold, market concerns will shift from interest rates to economic growth."

Flood also stated that the "sweet spot" for US stock non-farm data is between 100,000 and 125,000, with data in this range expected to boost the S&P 500 index by 0.5% - 1%;

If the increase is between 175,000 and 200,000, the index will drop by a similar magnitude; if it exceeds 200,000, the index may drop by at least 1%.

The December non-farm report is a key data point ahead of the Federal Reserve's meeting at the end of this month. The CME FedWatch Tool shows that the market expects a 93% probability that the Federal Reserve will keep interest rates unchanged at its meeting on January 28 - 29.

On Friday morning, Asian stock markets and US stock futures both fell, indicating that investors are cautious ahead of the data release.

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