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U.S. stocks fall after stronger-than-expected jobs report

Stock Markets Dec 02, 2022 10:23AM ET
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By Liz Moyer

Investing.com -- U.S. stocks were falling on Friday after a stronger-than-expected jobs report for November put a damper on hopes the Federal Reserve would ease the pace of its interest rate hikes.

At 10:22 ET (15:22 GMT), the Dow Jones Industrial Average was down 232 points or 0.7%, while the S&P 500 was down 0.8% and the NASDAQ Composite was down 0.9%.

The Labor Department's report said nonfarm payrolls rose by 263,000, compared with an estimated 200,000. American employers hired more workers than expected in November and raised their pay, while layoffs raged through the tech industry.

As expected, the unemployment rate stayed the same as October, at 3.7%.

In a speech on Wednesday, Fed Chair Jerome Powell indicated the central bank could start paring down its interest rate moves as early as December, but said rates would continue to rise and might end up higher than expected. Higher for longer is a mantra repeated by several Fed officials this week as the bank tries to tame inflation.

Wall Street expects the Fed will raise rates by a half-percentage point this month, compared with the 0.75 percentage point moves it has made at each of its last four meetings.

The jobs report comes after a week of mixed economic data, including a better-than-expected reading on inflation in the form of the personal consumption expenditure index, and data that showed manufacturing activity shrank in November.

Marvell Technology Group Ltd (NASDAQ:MRVL) shares fell 5.8% after it disappointed on revenue and profit and issued a weaker than anticipated outlook as customers such as storage equipment makers, cut down on their inventory of chips.

Oil inched higher. Crude Oil WTI Futures was up 0.6% to $81.75 a barrel, while Brent Oil Futures crude rose 0.3% to $87.18 a barrel. Gold Futures fell 1% to $1797.

U.S. stocks fall after stronger-than-expected jobs report
 

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Comments (11)
John Miller
John Miller Dec 04, 2022 2:12PM ET
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The lies aren't working now
Maximus Maximus
Maximus Maximus Dec 03, 2022 8:25AM ET
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marginally so...
Lionel Deville
Lionel Deville Dec 02, 2022 2:51PM ET
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I had to reread my macro classes initiation, to clear a doubt. According to Keyne’s model, employment does not seem to be linked to interest rates, because they depend on consumption, and its regulation is that of an effective real wage rate of pay in relation to the real pay, with an unchanged price (or in decline which seems the case)
Nelson Manning
Nelson Manning Dec 02, 2022 11:03AM ET
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interest rates will keep going up .75 every time even through 2023..not going to slow down..Biden still giving away too much money to Ukraine 🤣🤣🤣
First Last
First Last Dec 02, 2022 11:03AM ET
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That money produced great results.  Russia asked for "negotiations" again; Russia's M.O. is to ask in bad faith when it's doing badly and needs Ukraine to scale back on its counter-offensive.
John Miller
John Miller Dec 02, 2022 11:03AM ET
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I don't agree. The FOMC's back is against the wall.
Pedro Garcia
Pedro Garcia Dec 02, 2022 10:35AM ET
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Once upon a time, it was good news for stocks.
EL LA
EL LA Dec 02, 2022 10:35AM ET
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Yup, jobs and growth was a priority when President Trump was in office.  Trump had the country on a good path of economic growth and prosperity.  The current administration prefers high interest rates for banks, lost opportunity, and depressing oppressive policies intended to strangle demand by pushing unemployment and stagnant wages.
Raymond Ong
Raymond Ong Dec 02, 2022 10:31AM ET
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expecting 20,000 points drop....
Jim Gambon
Jim Gambon Dec 02, 2022 10:31AM ET
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thats just stupid
First Last
First Last Dec 02, 2022 10:31AM ET
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Jim Gambon   Social medias have verified id; they should have verified IQ, too.
Raymond Ong
Raymond Ong Dec 02, 2022 10:27AM ET
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hope it will collapse very soon.
Raymond Ong
Raymond Ong Dec 02, 2022 10:26AM ET
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highly speculated stock market. not influenced by economic statistics but speculator.
Stephen Fa
Stephen Fa Dec 02, 2022 10:24AM ET
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Some strange details in NFP report.
Lionel Deville
Lionel Deville Dec 02, 2022 10:23AM ET
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" Investing.com -- U.S. stocks were falling on Friday after a stronger-than-expected jobs report for November put a damper on hopes the Federal Reserve would ease the pace of its interest rate hikes "  Second degree of interpretation ?, I don't understand. A perverse political and economic trap maybe, Or Famous manipulation of markets by "Unknown Big One "
 
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