Markets Wait on Jobs Report, OPEC Decision on Oil Production

To cut or not to cut. That is what OPEC must decide at today's meeting in Vienna. Reports indicate that Saudi Arabia would like to cut oil production as prices hover near 7 year lows. But other OPEC nations may not agree and the cartel may leave production unchanged. Meanwhile, world market watchers will be watching the Labor Department numbers today regarding job growth in November. The media forecast for non-farm payrolls is for a gain of 200,000 and the jobless rate to hold steady at 5%. Gap (GPS) saw a drop in November sales. The drop was 8%, which was worse than expected and sales fell across all of its brands. Avon (AVP) may be looking to sell its North American business to the private equity fund, Cerberus Capital. Reports indicate that if a deal would happen Cerberus would be the cosmetics company's largest shareholder and could receive seats on the board.