2023-10-06 13:42:50
The Dow Jones Index fell nearly 100 points, nearing the 33,000 level after the United States revealed higher-than-expected non-agricultural employment figures. This indicates a strong labor market. and will be a factor supporting the increase in interest rates by the Federal Reserve (Fed).
As of 8:32 p.m. Thai time, the Dow Jones Industrial Average was at 33,021.76 points, down 97.80 points or 0.3%.
The market was also affected by a rebound to near a 16-year high in 10-year US Treasury yields following the release of the employment figures.
The increase in the yield on the 10-year US government bond, which is the US government bond used as a reference in determining the price of debt instruments around the world. This includes US mortgage interest rates. It will cause consumers to have less money for spending. Meanwhile, the cost of paying off mortgage loans increases. And companies will face higher costs from debt repayment. causing these companies to reduce investment and reduce dividend payments to investors
Investors are increasing their weight in forecasting that The Fed will raise interest rates before the end of 2023, possibly at its November or December meeting. which are the remaining 2 monetary policy meetings this year After the United States revealed strong employment numbers.
The US Department of Labor revealed that Non-agricultural employment figures jumped by 336,000 jobs in September. Higher than analysts’ expectations of 170,000 positions.
The employment figure is the largest increase since January.
The unemployment rate was stable at 3.8%, while analysts expected it to be at 3.7%.
Monday, Oct. 9 will be a federal holiday in the United States. On Columbus Day which government agencies will be closed including schools and banks
However, Wall Street will remain open next Monday. While the bond market is closed
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