The Dow Jones Industrial Average closed sharply lower on Friday (Oct. 7) after the release of strong US employment data in September. makes investors worried The US Federal Reserve (Fed) will continue to raise interest rates dramatically. And will result in the US economy into recession.
The Dow Jones Industrial Average closed at 29,296.79, down 630.15, or -2.11%, the S&P500 closed at 3,639.66, down 104.86, or -2.80%, and the Nasdaq closed at 10,652.40, down 420.91, or -3.80%.
Even the market fell heavily on Friday. But the Dow, S&P500 and Nasdaq gained their first week after three straight weeks of losses. By this week The Dow was up 1.99%, the S&P500 was up 1.51% and the Nasdaq was up 0.73%.
New York Stocks were under pressure on Friday on a 92% higher possibility that the Fed would raise interest rates by 0.75% for the fourth time in a row at its Nov. 1-2 meeting, up from 83.4. % before employment disclosure
The US Department of Labor said on Friday that Non-farm payrolls increased by 263,000 in September. That was higher than analysts’ estimates of 250,000, but below 315,000 in August. The unemployment rate fell to 3.5% from 3.7 percent in August.
New York Fed President John Williams said: The Fed needs to raise interest rates again to curb inflation, which is too high.
Investors will keep an eye on the release of US consumer price index (CPI) data next week. to look for signs of inflation
The 11 stocks of the S&P 500 index were lower, with the technology sector losing the most 4.14 percent.
The Philadelphia semiconductor index fell 6.06 percent after U.S. chipmaker Advanced Micro Devices (AMD). 3Q22 earnings forecast cuts as chip demand slows more than expected And it expects its third-quarter revenue to be $1 billion lower than previously estimated. AMD shares closed down 13.9 percent.
FedEx Corp shares closed 0.5% lower on expectations of lower shipments. As customers plan to send parcels during the holiday season, there are fewer.
By InfoQuest News Agency (08 Oct. 65)
Tags: Dow, new york stock market