Stock market news live updates: Stocks tank, Treasury yields spike as Wall Street frets over jobs report

Yahoo Finance ^ | 10/07/2022 | Alexandra Semenova

[SaxxonWoods]

Scroll back up to restore default view. Yahoo Finance Stock market news live updates: Stocks tank, Treasury yields spike as Wall Street frets over jobs report Alexandra Semenova Alexandra Semenova·Reporter Fri, October 7, 2022 at 1:34 PM In this article:

^IXIC -3.80%

^GSPC -2.80%

^DJI -2.11%

U.S. stocks cratered on Friday after the government's monthly employment report showed labor conditions remained tight in September despite a slowdown in hiring — a sign Fed officials will proceed with aggressive interest rate hikes.

The U.S. economy added 263,000 jobs last month as the unemployment rate fell to 3.5%. Economists expected a payroll gain of 255,000 and for unemployment to hold at 3.7%, per consensus estimates compiled by Bloomberg.

The S&P 500 (^GSPC) plunged 3%, while the Dow Jones Industrial Average (^DJI) shed 700 points, or 2.4%. The Nasdaq Composite (^IXIC) led the way down, plummeting 3.9%. Meanwhile in the bond market, Treasury yields spiked, with the benchmark 10-year note topping 3.8% and the rate-sensitive 2-year yield at nearly 4.3%.

[redgolum]

What is the next support below DJIA 29K?

[wgmalabama]

Zinc is the big metals tip for the FR in crowd. Thx. I’m going to the bank to get them Pennie’s. I heard they is loaded with zinc.

[dfwgator]

A man from the future told me.

[unixfox]

Wow, of this keeps up, we could go into a recession.

Or it could be a buying opportunity. If you have any money leftover.

[Drago]

Subtract all the “stimulus”, deficit spending/debt monetization and QE (M2 money supply up 120% since 2008) and you get a DOW30 less than 22,000...a lot of downside potential left.

[Jonny7797]

actions speak louder than words.

[Vigilanteman]

On the bright side, I covered all the short bets that I made earlier in the week when the Dow was up by triple digits two days in a row.

I only regret not making MORE shorts.

[Theoria]

Wall street doesn't like the continued low employment numbers with large job creation. Wall street loves cheap money via low interest rates. Those cuts to interest rates, will not occur until we get higher unemployment and job destruction.

Higher unemployment rate and slowing the economy is a goal of the Fed. We do have a strong economy, which will keep permitting high prices for assets and commodities. The Fed is trying to destroy jobs, which in turn will create a deflationary method to prices.

[entropy12]

I was out there today catching falling knives. Lol
Buy when others are selling.
Sell when others are buying.
Very simple rule.

[entropy12]

Good post. Nice work.

[existentially_kuffer]

Is a Thank You Biden in order?

[moovova]

Good for you!

[Chgogal]

The spending the (effing)Federal Government inflicted on us did not contain one iota of economic growth policies. The spending bills stymied the labor market and thereby production (supply side) while at the same time increasing demand by bestowing trillions give aways. What do you get? Inflation! Econ 101. We have morons writing and passing legislation. Hear that McConnell?

[dragnet2]

BUILD BACK BETTER

[UMCRevMom@aol.com]

“Buy when others are selling.
Sell when others are buying.”

Yes

[entropy12]

I am in your boat. Even if GOP wins next month, inflation will not come down quickly. To cure inflation lot of pain is required. That pain will be opposed by voters and politicians. My take is SPX or DOW will not see new high’s before Nov 2024 at the earliest.

[entropy12]

You are so correct on what you said in your post. Spending other people’s money is more addictive than heroin. Do you expect PTBs in DC will suddenly turn into fiscal conservatives? I don’t. Expect inflation to keep going and going on for many years. Stocks do not do well during high inflation periods.

[Carriage Hill]

Brass & lead are the best precious metals.