November 29, 2022

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Wall Street opens lower on strong US job growth

Wall Street opens lower on strong US job growth

Finance5 Aug ’22 at 16:35Author of the book: AP

Stock markets in New York opened with losses on Friday. Investors on Wall Street reacted to the US government jobs report. According to the report, 528,000 new jobs were created in the world’s largest economy in July. That’s more than economists expected.

epa10105823 04 August 2022 A street sign for Wall Street is obscured by steam from a manhole near the New York Stock Exchange in New York, New York. EPA/JUSTIN LANE (EPA)

US job growth plays a key role in the Federal Reserve’s interest rate policy. A strong labor market leaves more room for the U.S. Federal Reserve to raise interest rates sharply in the fight against high inflation.

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Shortly after the opening, the Dow-Jones index was down 0.5 percent at 32,578. The broader S&P 500 fell 0.6 percent to 4,126 points, while the tech benchmark Nasdaq lost 0.9 percent to 12,607 points.

Customs requirements

Apple fell 0.8 percent. According to Japanese business newspaper Nikkei, the iPhone maker has asked its suppliers to comply with Chinese customs requirements regarding deliveries between Taiwan and China. For example, Taiwanese parts should bear the label ‘Taiwan, China’ or ‘Chinese Taipei’.

Tesla fell 1.7 percent. Shareholders of the electric car maker have approved the proposed stock split. In addition, CEO Elon Musk announced that he could announce the arrival of a new gigafactory this year.

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