Wall Street tumbles as jobs growth cements rate hike bet

7/10/2022 8:07:00 PM

US Stocks: Wall Street tumbles as jobs growth cements rate hike bet - Reuters

US Stocks: Wall Street tumbles as jobs growth cements rate hike bet - Reuters

(Oct 7): US stocks nosedived on Friday as solid job growth and a drop in the unemployment rate last month boosted the chances of more jumbo-sized interest rate hikes, while a revenue warning from Advanced Micro Devices hit chipmakers.The Labor Department's closely watched employment report showed nonfarm payrolls increased by 263,000 jobs last month after rising 315,000 in August.The report also showed the jobless rate fell to 3.5% in September, lower than expectations of 3.7%. Traders now see a

(Oct 7): US stocks nosedived on Friday as solid job growth and a drop in the unemployment rate last month boosted the chances of more jumbo-sized interest rate hikes, while a revenue warning from Advanced Micro Devices hit chipmakers.The Labor Department's closely watched employment report showed nonfarm payrolls increased by 263,000 jobs last month after rising 315,000 in August.

The report also showed the jobless rate fell to 3.5% in September, lower than expectations of 3.7%. Traders now see a 92% chance of 75 basis-point hike by the Federal Reserve, up from 83.4% before data.Aggressive rise in borrowing costs have stoked fears of slowing economic growth and a hit to corporate profits, but with the labour market remaining tight, the US central bank was likely to continue with its monetary tightening plan.

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Bangladeshi man fined RM3,000 over RM50 bribe to policemanJudge meted out the fine on Khan Obaydul for offering the policeman a RM50 bribe as an inducement to not take action against him for not wearing a crash helmet while riding a motorcycle. theSun theSundaily news Crime Malaysia Bangladeshi

Rasuah polis RM50, warga Bangladesh didenda RM3,000 | The Malaysian InsightPekerja ladang itu mengaku salah minta polis tidak samannya sebab tidak pakai topi keledar semasa tunggang motorsikal. Dipaksa beri rasuah rm50 Warga asing merana denda rm3000 Tajuk sebenar

Foreign worker get RM3,000 fine over RM50 bribe to policeman in PerakIPOH, Oct 7 — The Sessions Court here today fined a Bangladeshi estate worker RM3,000 after the man pleaded guilty to bribing a traffic police sergeant last year. Judge Ahmad... And meanwhile a convicted felon NajibRazak is running around suing the Priso S Dept for leave to attend Parliament and his spawn yananajib gets off for not paying RM10m in taxes? Where is the justice?

NFCorp given final adjournment in appeal, ordered to pay RM5,000 in costsThe adjournment was granted after the court was informed that lead counsel Tan Sri Muhammad Shafee Abdullah, who is representing NFCorp and the four others, was unwell. TheSun TheSunDaily news LocalNews adjourment law judges publicbank Banks By now I be all the judges have a secret nickname for Tan Sri Muhammad Shafee Abdullah for his frequent 'unwell' calls.

ECB: ‘Forceful’ rate hikes needed in inflation fightFRANKFURT, Oct 6 — The European Central Bank does not believe slowing economic activity will be enough to tame inflation alone, meaning “forceful” interest rate hikes were...

A (Oct 7): US stocks nosedived on Friday as solid job growth and a drop in the unemployment rate last month boosted the chances of more jumbo-sized interest rate hikes, while a revenue warning from Advanced Micro Devices hit chipmakers.Pix for visual purpose only/PDRMpix IPOH : The Sessions Court here today fined a Bangladeshi estate worker RM3,000 after the man pleaded guilty to bribing a traffic police sergeant last year.× Salin URL SEORANG pekerja ladang warganegara Bangladesh didenda RM3,000 oleh Mahkamah Sesyen di sini selepas mengaku bersalah memberi suapan kepada seorang anggota polis trafik berpangkat sarjan, tahun lepas.for the latest news you need to know.

The Labor Department's closely watched employment report showed nonfarm payrolls increased by 263,000 jobs last month after rising 315,000 in August. The report also showed the jobless rate fell to 3. He was charged with committing the offence at Jalan Kg.5% in September, lower than expectations of 3. Mengikut kertas pertuduhan, dia didakwa melakukan kesalahan itu di kawasan Jalan Kampung Muhibbah, Ayer Tawar, dalam Daerah Manjung lebih kurang 2 petang  pada 11 Mei 2021.7%. Khan Obaydul, unrepresented, paid the fine. Traders now see a 92% chance of 75 basis-point hike by the Federal Reserve, up from 83. Khan Obaydul, unrepresented, paid the fine.

4% before data. - Bernama. Mahkamah turut memerintahkan wang rasuah berjumlah RM50 dilucut hak di bawah Seksyen 40(1)(a) Akta Suruhanjaya Pencegahan Rasuah Malaysia 2009 kepada kerajaan. Aggressive rise in borrowing costs have stoked fears of slowing economic growth and a hit to corporate profits, but with the labour market remaining tight, the US central bank was likely to continue with its monetary tightening plan. "While the labour supply and demand remain in this state, combined with high inflation, the Fed will continue to be forced to tighten until the economy snaps off its current momentum," said Rusty Vanneman, chief investment strategist at Orion Advisor Solutions. Sticking to the hawkish tone by most Fed officials, New York President John Williams said more rate hikes were needed to tackle sticky inflation. Artikel Berkaitan. The Philadelphia SE Semiconductor index shed 5.

14%, and was set for its biggest one-day percentage decline in nearly a month as a revenue warning from Advanced Micro Devices signaled the chip slump could be worse than expected. AMD lost 10.82% as its third-quarter revenue estimates were about a billion dollars less than previously forecast. Peers Qualcomm Inc, Intel Corp, ON Semiconductors, Lam Research, and Nvidia Corp shed between 2.44% and 6.

63%. "People who had been hoping for some kind of turnaround in the chips are starting to give up that hope," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. The S&P 500 technology sector index fell more than 3%, leading declines among the 11 major sector indexes. At 11.56am ET, the Dow Jones Industrial Average was down 495.

62 points, or 1.66%, at 29,431.32, the S&P 500 was down 82.39 points, or 2.20%, at 3,662.

13, and the Nasdaq Composite was down 344.02 points, or 3.11%, at 10,729.3. All three main Wall Street indexes are still set to snap a three-week losing streak, heading for their biggest weekly gain in almost a month.

With the benchmark 10-year Treasury yield rising to 3.910%, most rate-sensitive technology and growth stocks such as Alphabet Inc, Amazon.com, Apple Inc, Microsoft Corp fell between 2.14% and 4.46%.

FedEx Corp lost 2.42% after an internal memo accessed by Reuters showed the company's division that handles most of the e-commerce deliveries plans to lower volume forecasts as its customers plan to ship fewer holiday packages. Declining issues outnumbered advancers for a 4.96-to-1 ratio on the NYSE and for a 3.79-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and 54 new lows, while the Nasdaq recorded 16 new highs and 214 new lows. Subscribe to Mid-day email alert We deliver news to your inbox daily .