U.S. stocks mostly lower ahead of jobs report

U.S. stocks pared early gains in the morning session on Monday, the last trading day for November, as investors awaited a key jobs report released later this week.

At midday, the Dow Jones Industrial Average lost 46.20 points, or 0.26 percent, to 17,752.29. The S&P 500 shed 5.78 points, or 0.28 percent, to 2,084.33. The Nasdaq Composite Index was down 15.94 points, or 0.31 percent, to 5,111.58.

With no major economic data due out Monday, investors were looking to Friday's November employment data. This is the last jobs report for the year and has a sway over the Federal Reserve's decision on its interest rates at its December meeting.

On Thursday, the European Central Bank (ECB) is expected to expand its monetary easing program and cut its negative deposit rate further.

"This is a huge week. The ECB has dropped hints suggesting it will cut interest rates at its policy meeting Thursday, while Friday's November employment report could ice the Fed's decision to raise interest rates in two weeks," said Chris Low, chief economist at FTN Financial.

Also on Monday, the International Monetary Fund (IMF) is expected to announce the inclusion of China's yuan, or renminbi, in the basket of its Special Drawing Right (SDR), currently comprised of the euro, U.S. dollar, Japanese yen and British pound.

Analysts said such move would elevate the renminbi and China's influence in the global economy.

U.S. stocks closed mixed in light volume in a shortened post-holiday session on Friday, as Wall Street eyed retailers' Black Friday sales results. Endit