© Reuters
Investing.com – Wall Street’s major indexes fell on Friday after a strong jobs report deepened concerns that interest rates may remain high for an extended period.
It has turned higher now after it turned lower immediately after the release of US employment data, as investors appear to be buying the decline during these moments of today’s trading after prices fell.
US job growth rose in September, suggesting that the labor market remains strong enough for the Federal Reserve to raise interest rates again this year, despite moderating wage growth.
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For the month of September, while experts expected an addition of 170 thousand, the previous reading was revised to record 227 thousand instead of 187 thousand.
While it recorded 0.2% in September, while expectations indicated an increase of 0.3%, it recorded 0.2% in the previous reading. As for Ali, it recorded 4.2%, while expectations indicated an increase of 4.3%, as in the previous reading.
“This data will cause a headache for the Fed, with the US economy once again showing its resilience,” said Neil Birrell, chief investment officer at Premier Miton Diversified Growth Funds.
Benchmark 10-year yields hit 16-year highs after the data.
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Stock movements
Shares of Invidia Group (NASDAQ:), Meta (NASDAQ:) and Amazon.com Inc. (NASDAQ:) fell between 0.7% and 0.8%.
The labor market has successfully withstood the onslaught of the Federal Reserve’s aggressive rate hike campaign, worrying investors that the central bank will keep monetary policy tighter for longer in its battle against inflation.
The S&P 500 is headed for its fifth straight weekly decline, while the Dow Jones is on track to decline for the third week in a row.
Most major S&P 500 sectors traded lower on Friday, with utilities ( ), often considered a proxy for bonds, down 1.8%, while interest rate-sensitive real estate ( ) fell 1.2%.
Energy ( ) is set to be the hardest hit among the major S&P 500 sectors this week, while Communications Services ( ) is on track to be the best performer.
Looking ahead, data will once again take center stage with September CPI inflation and Producer Price Index readings expected next week.
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The focus will also be on the upcoming quarterly earnings season, with earnings reports for major banks including JPMorgan Chase & Co. (NYSE:) JPMorgan Chase & Co. (NYSE:) and Wells Fargo & Co. (NYSE:) Wells Fargo & Co. (NYSE:) ) and Citigroup Inc. (NYSE:) Citigroup Inc. (NYSE:) and asset manager BlackRock Inc. (NYSE:) BlackRock Inc. (NYSE:) next week.
The S&P 500 Index (.SPX) was down 19.74 points, or 0.46%, at 4,238.45, and was down 70 points, or 0.5%.
Electric car maker Tesla (NASDAQ:) fell 2.2% after cutting prices for its Model 3 and Model Y vehicles in the United States.
While Lucid Motors (NASDAQ:) shares declined by 0.3%.
Exxon Mobil (NYSE:) lost 2.3% after sources told Reuters that the US oil producer is in advanced talks to acquire Pioneer (NYSE:), whose stock jumped 9.2 percent.
Markets now
Gold futures rose 0.6% to $1,843 an ounce.
It rose by 0.4% to $1,827 per ounce.
On the other hand, it rose by 0.1% to 106.15 points.
It declines by 0.2% to $83 per barrel.
While Texas crude fell by 0.4% to $82 per barrel.
2023-10-06 14:48:00
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