Financial News
- The US economy added 261,000 jobs in September, more than expected. The unemployment rate remained unchanged at 3.5%. The Federal Reserve is expected to continue raising interest rates to combat inflation, but this could also lead to a recession.
- Coinbase shares rose 6% as Grayscale ETF ruling took effect.
- Chevron agreed to buy Hess for $53 billion
- European stocks marked their lowest close since the start of the year, as UK 30-year yield reached its highest since 1998 Oil prices eased as aid convoys arrived in embattled Gaza Strip
- Dollar hit 150 yen then dipped on intervention jitters Gold slipped from 5-month peak as investors looked to US economic data.
- As the UK 30-year yield hit its highest since 1998, European stocks closed at their lowest since the start of the year. Oil prices dropped as aid convoys reached the embattled Gaza Strip.
- As China faced slowing growth and rising debt, it signaled more support for struggling local governments,
- The World Bank lowered its global growth forecast for 2023 to 3.8%, citing trade tensions and policy uncertainty The IMF warned that the global economy is facing a synchronized slowdown, and urged countries to avoid protectionism and cooperate on fiscal and monetary policies.
- Barclays shares dropped 6.5% after warning of fourth-quarter cost-cutting charges.
- Amazon fell ahead of next week’s earnings results.
- The Netherlands was named the best place to retire, according to a new index. T
- Dow Jones Industrial Average (^DJI) closed at 33,141.38, down by -286.92 points or -0.86% from the previous close of 33,414.1712. This was the lowest close since June and the biggest one-day decline since March. The Dow was dragged down by losses in energy, financial, and industrial stocks
- The Nasdaq Composite (^IXIC) closed at 13,139.87, down by -330.07 points or -2.45% from the previous close of 13,469.941. This was the worst day for the Nasdaq since March, as tech stocks tumbled amid rising bond yields and inflation fears. The Nasdaq was also affected by disappointing earnings reports from some of the major technology companies. Rising bond yields and inflation fears made tech stocks tumble, causing the worst day for the Nasdaq Composite (^IXIC) since March. Disappointing earnings reports from some of the major tech companies also affected the Nasdaq
- The S&P 500 (^GSPC) closed at 4,247.68, down by -49.93 points or -1.16% from the previous close of 4,297.611. This was the lowest close since June and the longest losing streak of 2023 for the S&P 5002. The S&P 500 was hit by losses in all 11 sectors, with energy, financials, and materials leading the decline. The stock market closing for yesterday was a warning sign for investors, as it showed that the US economy’s outlook is cloudy and uncertain, and that the Federal Reserve may have to raise interest rates sooner than expected to curb inflation. The market sell-off also reflected the global concerns over the COVID-19 pandemic, the China Evergrande crisis, and the US debt ceiling impasse.
- After warning of fourth-quarter cost-cutting charges, Barclays shares dropped 6.5%. Ahead of next week’s earnings results,
- Energy, financial, and industrial stocks dragged down the Dow Jones Industrial Average (^DJI), which closed at 33,141.38, down by -286.92 points or -0.86% from its previous close of 33,414.1712. This was its lowest close since June and its biggest one-day drop since March.
