U.S. stocks slumped at the open on Friday as investors digested another report showing the U.S. labor market is finally starting to deteriorate --- and also a profit warning from a top microchip maker.
The S&P 500 SPX, -1.85% slumped 43 points, or 1.2%, to 3,700. The Dow Jones Industrial Average DJIA, -1.43% fell 268 points, or 0.9%, to 29,658. The Nasdaq Composite COMP, -2.50% shed 191 points, or 1.7%, to 10,882.
Unbridled spending does it every time.
It started to deteriorate almost two years ago. Work on your creditability!
We are going to keep heading lower
Say goodbye to 'pivot' narrative (for now) and hello to lower equity prices. The Fed is still simply reacting. They need to move more forcefully and immediately implement emergency inter-meeting rate hikes to contain inflation.
I think they slump because labor market is stronger than expected 😅