NEW YORK — Worries about a too-hot job market are sending Wall Street lower Friday, keeping stocks on track to close out a fifth straight losing week. The S&P 500 was down 0.3% in morning trading and heading for its longest weekly losing streak in 16 months. The Dow Jones Industrial Average was down 117 points, or 0.4%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. Once again, it was rising yields in the bond market pushing stocks lower.
05%. Among the potentially encouraging signals for the Fed: Workers’ average wages rose at a slower rate in September than economists expected. While that’s discouraging for workers trying to keep up with inflation, it could remove some inclination by companies to raise their prices. The Fed should be focusing on such moderate wage gains, rather than the growth in jobs, said Brian Jacobsen, chief economist at Annex Wealth Management.
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Stock market today: Asian benchmarks mostly rise in subdued trading on US jobs worriesAsian shares are mostly higher in cautious trading after Wall Street drifted to a quiet close on worries about a too-hot U.S. job market. Benchmarks rose Friday in Sydney, Seoul and Hong Kong but fell in Tokyo. Oil prices continued to decline. Wall Street drifted slightly lower. Stocks have struggled since the summer as U.S. Treasury yields have soared. In the U.S., fewer workers applied for unemployment benefits last week than economists expected, which could be a signal of upward pressure on inflation. A more impactful and comprehensive report on the job market is coming on Friday.
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