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U.S. Stocks Fell as Growth-Charged Rally Fades

Stock Markets Oct 05, 2022 10:27AM ET
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By Liz Moyer

Investing.com -- U.S. stocks were falling after data about private payrolls showed strong demand for labor despite rising interest rates.

At 10:21 ET (14:21 GMT), the Dow Jones Industrial Average was down 360 points, or 1.2%, while the S&P 500 was down 1.6% and the NASDAQ Composite was down 2%.

Tech stocks had staged a mini rally to start the month and the fourth quarter. Treasury yields also fell. But that reversed on Wednesday, at least in early trading.

The 10-year Treasury rose to 3.78%, up 3.8%.

The ADP nonfarm payrolls report employers increased their hiring in September. The reading was 208,000, slightly higher than expectations. Investors are anticipating Friday’s broader jobs report from the government. 

The rally on Monday and Tuesday was fueled by hopes that the Federal Reserve could begin to ease off its interest rate hikes, though a stronger than expected labor market could toss a wet blanket on those hopes.

Twitter Inc (NYSE:TWTR) shares fell 2.3% after surging 22% on Tuesday when Elon Musk said he would pursue his deal to buy the company at his originally offered price. Shares of Musk's electric vehicle maker Tesla Inc (NASDAQ:TSLA) fell 4.6%.

Oil was mixed as delegates from major oil producing nations met in Vienna to decide on production levels, with early reports suggesting they could agree to cut as much as 2 million barrels a day. Crude Oil WTI Futures ticked lower 0.2% to $86.32 a barrel, while Brent Oil Futures crude was flat at $91.95 a barrel. Gold Futures fell 1% to $1712 an ounce.

U.S. Stocks Fell as Growth-Charged Rally Fades
 

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Comments (6)
neang aee 냥에
neang aee 냥에 Oct 05, 2022 11:07AM ET
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Hopelessly devoted to pivot...
Ac Tektrader
Ac Tektrader Oct 05, 2022 11:03AM ET
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jjohn. if we were in a classic recession the unemployment rate wouldn't be one of the lowest in modern american economic History. and blaming liberals some how for mismanagement of the taxing system by the last administration is forgetting who installed those taxing policies. when, through those taxing policies, you inject additional 1trillion dollars a year into the economy during a major economic expansion you set the stage for an inflationary cycle.
John Hill
John Hill Oct 05, 2022 11:03AM ET
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for which we would still be in a period of healthy expansion had it not been for the liberal push to shut the country down over a virus that was promoted by liberals as the end of the world if we don't shut the country. We here in Florida are still in the midst of a booming economy because we have a governor that did not fall for the lies. Florida's covid tolls were no worse than the rest of the country even with our massive older population. So yes, it is the lies perped by the Democrat party that has caused the supply disruptions, food shortages, and inflation because of Biden's mishandling of America's economy by trillion dollar spending in only 1.5 years .
lakes Tenn
lakes Tenn Oct 05, 2022 11:03AM ET
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employment participation is below pre covid levels, so there are less people to be employed, plus Brandon funded moms to stay home with that stupid child tax payment. You don't need high unemployment to have a recession, even though that is coming as well. 3 quarters of negative GDP and the 🐑 keep trying to say it's not a recession.
New Utopia
New Utopia Oct 05, 2022 10:47AM ET
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People forgot "rally" thing what that means. Are you called that  "RALLY"? God bless that FED and their  visionary Economists.
John Hill
John Hill Oct 05, 2022 10:32AM ET
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"Growth Charged Rally"!!! LOL! How about short covering for profit taking. Yep! Anyone long remember we are in a recession, contrary to liberals trying to redefine what a recession is. It's all about ********the little guy.
Ronald Warren
Ronald Warren Oct 05, 2022 10:16AM ET
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Not to worry. Green again tomorrow. Market makers had to throw in a pause to destroy your calls. Last week I was short on Tesla. They announced potential gains for third quarter and it walked away from me. Puts expired Friday. Monday morning I would have been 13 dollars in the money. Options are only for entertainment.
William King
William King Oct 05, 2022 10:16AM ET
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Options are for selling not buying.
Stephen Fa
Stephen Fa Oct 05, 2022 9:58AM ET
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Fed pivot is a fantasy this week. They need a lot more direct inflation data (CPI, PPI, PCE, etc.) before leveling rates.
Kris Jay
Kris Jay Oct 05, 2022 9:58AM ET
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who is behind this crazy idea of a fed pivot when core is still 4x the target?   There is some organization, media or something pushing this idea to buoy stocks temporarily.  like somehow one can will the market to be higher for political purposes.
Mike Nordic
MikeNordic Oct 05, 2022 9:58AM ET
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You both have no idea what you talk about. Inflation is compared to year over year metrics. That is all what matters. It doesn't go down unless we have a major disaster going on. We are entering the yearly period where inflation started going up to 5 and 6% last year. Inflation metrics are not anymore as elevated as the summer metrics. Oil was already 80-85$ last year this time. Thus if it is 85$ now it's not a huge difference as when it was 120$ in February 2022 and was compared to the 60$ oil price of February 2021. The comparisons are getting easier and easier
Mike Nordic
MikeNordic Oct 05, 2022 9:58AM ET
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If prices go down as lot as you both argue that they should, then the fed must pivot big with QE as well. Prices going down will show deflation and that's not what thr Fed's mandate is. It will mean they overdid it
 
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