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    * U.S. nonfarm payrolls rise less than expected in November 
    * Traders pare back bets on rate hikes next year
    * Energy sector rises as oil prices surge
    * Tech stocks fall more than 1 pct
    * Indexes drop: Dow 0.18 pct, S&P 0.26 pct, Nasdaq 0.66 pct 

 (Updates to open)
    By Shreyashi   Sanyal
    Dec 7 (Reuters) - A drop in technology stocks weighed on
Wall Street on Friday, offseting strong oil prices and a U.S.
jobs report that was tepid enough to lower bets for faster
future interest rate hikes without fanning fears of an economic
slowdown.
    Nonfarm payrolls increased by 155,000 last month, but missed
economists expectation of 200,000, a Labor Department report
showed. The annual wage rise also matched October's jump,
indicating growth was not fast enough to overheat inflation.
 urn:newsml:reuters.com:*:nUSN7NEEOA
    The data helped stock futures sharply pare losses and even
sent the market higher at one point.
    "At this point people are more concerned about the Federal
Reserve. So this gives more ammunition for the Fed not to move
and to kind of pull back," said Joe Saluzzi, co-manager of
trading at Themis Trading in Chatham, New Jersey.
    "It's that fine balancing act that we always look for, that
kind of Goldilocks mentality. I think that number is actually a
good number where it shows that is there is a positive jobs
number, but it's not too good."
    After the report, traders continued to bet the Fed would
raise rates a fourth time in 2018 later this month, but pared
expectations slightly for the single hike next year that markets
have been expecting.  urn:newsml:reuters.com:*:nL1N1YC0NN
    Also helping the market was a more than 4 percent jump in
oil prices as big Middle East producers in OPEC agreed to reduce
output to drain global fuel inventories and support the market.
 O/R 
    The energy sector  .SPNY  jumped 2.25 percent - the most
among the 11 major S&P sectors. The materials index  .SPLRCM 
was up 1.02 percent.
    But technology stocks slid 1.02 percent, with Apple Inc
 AAPL.O  and Microsoft Corp  .MSFT.O  down more than 1 percent
and weighing the most on the S&P and the Nasdaq.
    At 10:14 a.m. ET, the Dow Jones Industrial Average  .DJI 
was down 45.02 points, or 0.18 percent, at 24,902.65, the S&P
500  .SPX  was down 7.00 points, or 0.26 percent, at 2,688.95
and the Nasdaq Composite  .IXIC  was down 47.79 points, or 0.66
percent, at 7,140.47.
    Still, advancing issues outnumbered decliners by a 1.87-to-1
ratio on the NYSE and a 1.36-to-1 ratio on the Nasdaq.
    The S&P's 50-day moving average fell below its 200-day
moving average in intraday trading, a phenomenon known as a
"death cross" and one that stands as a bearish near-term signal
only if it holds through the close.
    Broadcom Inc  AVGO.O  climbed 3.2 percent after strong
demand helped the chipmaker beat quarterly revenue and profit
estimates.  urn:newsml:reuters.com:*:nL4N1YB5Q4
    Altria Group Inc  MO.N  rose 2.1 percent after the Marlboro
cigarette maker took a $1.8 billion stake in Canadian cannabis
producer Cronos Group Inc  CRON.TO , whose U.S.-listed shares
jumped 21.0 percent.  urn:newsml:reuters.com:*:nL4N1YC3UW
    The S&P index recorded six new 52-week highs and two new
lows, while the Nasdaq recorded nine new highs and 38 new lows.

 (Reporting by Shreyashi Sanyal in Bengaluru; additional
reporting by Jennifer Ablan;
Editing by Saumyadeb Chakrabarty)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;
Reuters Messaging:
Shreyashi.Sanyal.thomsonreuters.com@reuters.net))