Techs are holding up a little better than the broader market after Intel Corp. and Advanced Micro Devices Inc. reported better than expected sales. But nevertheless, the economic situation is casting a pall over traders.

The U.S. jobless rate jumped to 5.7% in November, its highest level in more than six years. Payrolls fell for the fourth straight month, dropping 331,000. The news, while not unexpected, has traders rethinking their recovery outlook.

In Canada, it was reported that employment edged up by an estimated 14,000 in November, despite large losses in manufacturing and transportation. While employment rose slightly, a greater number of job searchers pushed the unemployment rate up 0.2 percentage points to 7.5% in November, the highest since mid-1999.

Part-time employment rose by 57,000 but full-time fell by 43,000 in November, the second consecutive month of increasing part-time and less full-time work. The number of hours worked in the economy rebounded from the large 3.3% decline in October.

In Europe, stocks are down on the weak U.S. jobs news. Energy plays are falling too, following crude prices. The FTSE is down 59 points to 5310. The CAC 40 has dropped 22 points to 4658. The tech-heavy DAX is off just four points to 5267.

Overnight in Asia, stocks were mixed. The Nikkei dropped 60 points to 10797. The Hang Seng gained 86 points to 11832.

In earnings news, Gildan Activewear Inc. reported a net loss for the fourth quarter was $38.8 million, after taking into account special charges and other adjustments that total $45.5 million, compared with fourth quarter net earnings of $16.8 million in the prior year.