Stocks slump on fears about rates, recession after jobs data

  • 📰 wjxt4
  • ⏱ Reading Time:
  • 67 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Good news on the economy is still bad news for Wall Street, and stocks are falling Friday on worries a still-strong U.S jobs market may actually make a recession more likely.

FILE - American flags fly outside the New York Stock Exchange, Friday, Sept. 23, 2022, in New York. – Good news on the economy remains bad news for Wall Street, and stocks are falling sharply Friday on worries a still-strong U.S jobs market may actually make a recession more likely.employers hired more workers last month

The Dow Jones Industrial Average was down 608 points, or 2%, at 29,318, as of 1:05 p.m. Eastern time, and the Nasdaq composite was 3.6% lower. The drops mark a return to form for stocks, which have tumbled over 20% from records this year on worries about inflation, interest rates and the possibility of a recession.

Also discouraging for investors was that the unemployment rate improved partly for the wrong reasons. Among people who aren’t working, fewer than usual are actively looking for jobs. That’s a continuation of a longstanding trend that could keep upward pressure on wages and inflation. Altogether, many investors see Friday's jobs data keeping the Fed on track to hike its overnight rate by three-quarters of a percentage point next month. It would be the fourth such increase, which is triple the usual amount, and bring the rate up to a range of 3.75% to 4%. It started the year at virtually zero.

Stocks of technology companies were leading the way in the opposite direction. They've been among the hardest hit by this year's rising rates, which most hurt investments seen as the riskiest, most expensive or having to make investors wait the longest for big growth.Beyond higher interest rates, analysts say the next hammer to hit stocks could be a potential drop in corporate profits.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

We started a recession..the minute liberals got the White House..it was over..America is goin to get what she deserves for weak men an a lack of strong women

We've been in a recession since the spring. We've had 3 quarters of negative growth, 2 quarters is a recession.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 246. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European Stocks Head for Higher Open as Markets Strive to Regain Positive MomentumEuropean stocks are heading for a higher open on Thursday as global markets attempt to recover from recent volatility.
Source: NBCDFW - 🏆 288. / 63 Read more »

Asia-Pacific Markets Trade Mixed After U.S. Stocks SlipShares in the Asia-Pacific were mixed on Thursday after Wall Street’s two-day rally fizzled.
Source: NBCDFW - 🏆 288. / 63 Read more »

Stocks waver as dollar eases, oil steadies on OPEC+ deal By ReutersStocks waver as dollar eases, oil steadies on OPEC+ deal The Fed should stop raising interest rates Fire him first otherwise he will definitely bring worldwide recession..!! Let's goooo!!!! Take all of my fun coupons
Source: Investingcom - 🏆 450. / 53 Read more »

Stocks making the biggest moves premarket: AMD, Levi Strauss, DraftKings and moreThese are the stocks posting the largest moves before the bell.
Source: CNBC - 🏆 12. / 72 Read more »

Stocks Making the Biggest Moves Premarket: Peloton, Shell, Compass and MoreThese are the stocks posting the largest moves before the bell.
Source: nbcchicago - 🏆 545. / 51 Read more »

We're trimming one of our oil stocks that's up again after the big OPEC+ production cutOur plan is to take this extra cash and recycle it into other stocks that haven't made as strong of a move this week. Can't wait for Tuttle's inverse jimcramer ETF that begins trading in December. Don’t listen to Cramer Oh yeah... (See the Solar-Powered Florida Town That Didn't Lose Power During Ian)
Source: CNBC - 🏆 12. / 72 Read more »