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U.S. Stocks Fall After Strong Jobs Report for September

Stock Markets Oct 07, 2022 10:30AM ET
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By Liz Moyer

Investing.com -- U.S. stocks opened lower on Friday after investors took in the latest report on jobs that showed a still-strong labor market.

At 10:24 ET (14:24 GMT), the Dow Jones Industrial Average was down 401 points or 1.4%, while the S&P 500 was down 1.8%, and the NASDAQ Composite was down 2.4%.

The unemployment rate dropped to 3.5% in September from 3.7% the prior month, and the growth in jobs came in slightly above expectations. That is despite efforts by the Federal Reserve to slow down demand. Jobs rose 263,000 last month, while analysts were looking for growth of 250,000.

Evidence of a still-tight labor market means the Fed doesn’t have a reason to ease off its big interest rate increases, as some investors had hoped. Some fear an aggressive Fed will overshoot its efforts to cool the economy and tip the U.S. into a recession.

Markets jumped earlier this week as investors believed evidence the economy was slowing would encourage the Fed to "pivot" at some point next year and begin cutting rates again. This idea is something multiple Fed officials have tried to dismiss in public appearances this week. But in the meantime, the Fed is seen as remaining aggressive on its monetary tightening. The odds are now 83% that there will be another 0.75 percentage point rate hike in November, according to Reuters.

Shares of Advanced Micro Devices (NASDAQ:AMD) fell more than 8% after it warned that revenue will fall $1 billion short of its previous guidance on a slump in PC sales. That disclosure weighed on other chip stocks, including Intel Corporation (NASDAQ:INTC), down 4%, and Micron Technology (NASDAQ:MU), down 2.8%.

Oil was rising. Crude Oil WTI Futures was up 2.7% to $90.84 a barrel, while Brent Oil Futures rose 2.5% to $96.72 a barrel. Gold Futures fell 0.8% to $1705.

U.S. Stocks Fall After Strong Jobs Report for September
 

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Comments (13)
John Lakran
John Lakran Oct 07, 2022 3:23PM ET
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Makes perfect sense 16,000 jobs gained more than expected last month should absolutely cause a $1T + market cap cut. What a game.
ramu g
ramu g Oct 07, 2022 2:05PM ET
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data number if bed than us. market tumbled and if data numbers good than also market tumbles what justifies for investors only operator game
jose goncalves
jose goncalves Oct 07, 2022 11:10AM ET
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8% is the rate to value printed money again!
me ish
me ish Oct 07, 2022 11:08AM ET
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it's not more people working - it's the same people working two or three jobs in an attempt to pay for the basic necessities in life - it's grim out there.
First Last
First Last Oct 07, 2022 11:08AM ET
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Grim?  US real disposable personal income per capita has been trending down due o Russian aggression, but it's still higher than pre-pandemic.
First Last
First Last Oct 07, 2022 11:08AM ET
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And US employment participation rate has  been trending up from 61.4% in Jan 2021 to 62.3%.
me ish
me ish Oct 07, 2022 11:05AM ET
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Everyone ready for Black Monday?
Amrit Swarup Sarkar
Amrit Swarup Sarkar Oct 07, 2022 10:51AM ET
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bad news is now good for the market.
First Last
First Last Oct 07, 2022 10:51AM ET
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"Now"?  Today must be your 1st day.
Amrit Swarup Sarkar
Amrit Swarup Sarkar Oct 07, 2022 10:50AM ET
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bad news is now good for the market.
Amrit Swarup Sarkar
Amrit Swarup Sarkar Oct 07, 2022 10:50AM ET
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bad news is now good for the market.
Amrit Swarup Sarkar
Amrit Swarup Sarkar Oct 07, 2022 10:50AM ET
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bad news is now good for the market.
Bakare Samson
Bakare Samson Oct 07, 2022 10:37AM ET
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hummm
 
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