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U.S. Stocks Fall as Investors Await Friday's Jobs Report

Stock Markets Oct 06, 2022 11:07AM ET
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By Liz Moyer 

Investing.com -- U.S. stocks were falling on Thursday as investors awaited the jobs report for September.

At 11:02 ET (15:02 GMT), the Dow Jones Industrial Average was down 146 points or 0.5%, while the S&P 500 was down 0.4%, and the NASDAQ Composite was down 0.1%.

Jobless claims gave a glimpse of things to come. The labor market remains strong, but the number of people filing new unemployment claims rose more than expected last week. The Federal Reserve wants to cool the economy without sparking a big wave of unemployment.

But some investors have raised hope that the Fed’s aggressive interest rate moves could ease somewhat amid signs the economy is cooling.

Two Fed officials tried to quiet expectations for a so-called Fed "pivot" on Wednesday. Atlanta Fed chief Raphael Bostic and San Francisco Fed chief Mary Daly warned not to expect a rate cut next year.

Data on Wednesday showed more hiring by private employers and an increase in service industry employment, strong labor signals that suggest the Fed will keep interest rates on the high side for longer than some in the market expect.

Peloton Interactive (NASDAQ:PTON) shares inched up 0.3% after it announced plans to lay off another 500 workers.

Shell PLC ADR (NYSE:SHEL) stock fell 4% after the oil major said third quarter results would be dampened by lower profit from trading gas.

A day after major oil-producing nations agreed to cut production by two million barrels a day, oil prices were trading near three-week highs. Crude Oil WTI Futures was up 0.8% at $88.47 a barrel, while Brent Oil Futures rose 0.7% to $94.12 a barrel.

Gold Futures fell 0.1% to $1719 an ounce.

U.S. Stocks Fall as Investors Await Friday's Jobs Report
 

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Comments (6)
Prabhat Negi
Prabhat Negi Oct 06, 2022 10:50AM ET
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what manipulation going on . it's absolutely ridiculous.. it's like a ping pong show
Tilak Mundu
Tilak Mundu Oct 06, 2022 10:50AM ET
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they are keeping market steady till mid term election....totally manipulated
Wrong Franco
Wrong Franco Oct 06, 2022 10:39AM ET
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Think about it, what is inflation? Can you really bring it down while EVERY single other country has the inflation? I say NO, what fed is doing right now is pointless, no matter how hard they try it won't work. The inflation won't come down unless the worldwide recovery hit certain point. And that's something beyond fed's capability to manage. I say maybe we just can not go back to the life before after all those years disruption. We need to get used to it, and fuel the economy so we may have a good position in future recovery. However all fed is doing right now is harming US economy for nothing and potentially ruin US position in future recovery which prbly in China's favor.
SquadW Name
SquadW Oct 06, 2022 10:39AM ET
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in recession its not about recovery dude, but about ***ALL the businesses that dont produce useful things, its NATURAL cycle, the most important thing here is that FED keeps raising interest rates until inflation is killed
Wrong Franco
Wrong Franco Oct 06, 2022 10:39AM ET
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SquadW Name  Fed created inflation, and now they are going to create a recession. They are not going to kill any inflation LOL, thats beyond their capability, they are clueless.
Fabio Ravanelli
Fabio Ravanelli Oct 06, 2022 10:27AM ET
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it seems we are in a recession. But some bulls are still hopping for any excuse to deny it. the only real question where is the bottom?3000? 2500? 2200? or even less?
Loke Wing Kin
Loke Wing Kin Oct 06, 2022 10:27AM ET
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0 is the bottom
Andrew Sim
Andrew Sim Oct 06, 2022 10:27AM ET
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always be bullish, living in wonderland
Fabio Ravanelli
Fabio Ravanelli Oct 06, 2022 10:27AM ET
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it seems we are in a recession. But some bulls are still hopping for any excuse to deny it. the only real question where is the bottom?3000? 2500? 2200? or even less?
Naharani HS
Naharani HS Oct 06, 2022 10:15AM ET
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they are mad on rate hike.. They are going to do the same mistake which was contrarily done during pandemic period by increasing rate aggressively
Stephen Fa
Stephen Fa Oct 06, 2022 10:15AM ET
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Wobble like Biden on a bicycle
 
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