US Market tumbles on rate hike woes

10 Oct 2022 , 08:42 AM

The US stock market finished lower for three straight sessions on Friday, 07 October 2022, weighed down by selloff pressure across the sectors with shares in tech, telecom, retailers, consumer goods, materials, and industrial issues being notable losers. The weakness on the Wall Street came following the release of the Labor Departments closely watched monthly jobs report, which failed to ease concerns about the outlook for interest rates. A sales warning from Advanced Micro Devices (AMD) also weighed on the markets. At the close of trade, the Dow Jones Industrial Average index stumbled 630.15 points, or 2.11%, to 29296.79. The S&P500 index retreated 104.86 points, or 2.8%, to 3,639.66. The tech-heavy Nasdaq Composite Index decreased by 420.91 points, or 3.8%, to 10,652.40. Shares of AMD declined 14% after the company warned that its third quarter revenue well below its previous guidance due to a weaker than expected PC market and significant inventory correction actions across the PC supply chain. ECONOMIC NEWS: The Labor Departments report showed non-farm payroll employment jumped by 263,000 jobs in September after surging by an unrevised 315,000 jobs in August and spiking by an upwardly revised 537,000 jobs in July. The Labor Department also said the unemployment rate dipped to 3.5% in September from 3.7% in August. Among Indian ADR, Dr Reddys Labs fell 0.7% to $52.40, Azure Power Global fell 3.1% to $5.29, WNS Holdings fell 2.4% to $82.32, and Wipro declined 2.7% to $4.73. HDFC Bank dropped 3.3% to $57.45, and INFOSYS was down 2.4% at $17.06. Tata Motors shed 2.8% to $24.27 and ICICI Bank fell 1.6% to $21.07. Powered by Capital Market – Live News