Stocks are down on Friday as investors react to the latest data from the September job report!
The reason that stocks are down today is the economy added 336,000 jobs in September. For the record, that is roughly double the number of jobs that experts were expecting to be added during the month.
The reason this has investors worried is the actions it could cause the Federal Reserve to take. The Fed has been attempting to cool inflation with a series of interest rate increases. This new data suggests the economy is still strong and that the Fed’s actions haven’t worked.
If that’s the conclusion the Fed reaches, it could mean that more interest rates are coming in the future. That wouldn’t be good for the market as it would build on the other rate increases that have hampered growth stocks.
Ellen Zentner, Morgan Stanley’s chief U.S. economist, told the following to Yahoo Finance:
“Today’s report was unequivocally strong. Too strong for policymakers to relax their tightening bias. Inflation has been decelerating faster than Fed forecasts, but continued strength in job gains will fuel doubts that the pace of deceleration in inflation will be sustained.”
Let’s check out how this has stocks down today below!
Stock Indices Moving on Friday
- Starting us off is the S&P 500 and its 0.12% decrease on Friday morning.
- Next on our list is the Dow Jones Industrial Average, which is seeing a slight drop as of this writing.
- Finally, the Nasdaq Composite is breaking the trend with a slight increase as of Friday morning.
Investors seeking out even more of the most recent stock market stories are going to want to keep reading!
We’re offering up insight into all of the biggest stock market stories on Friday! Among that is what has shares of Applied UV (NASDAQ:AUVI) stock, T2 Biosystems (NASDAQ:TTOO) stock and Rivian Automotive (NASDAQ:RIVN) stock down today. You can find out all about these matters at the following links!
More Friday Stock Market News
- Why Is Applied UV (AUVI) Stock Up 42% Today?
- Dear TTOO Stock Fans, Mark Your Calendars for Oct. 12
- RIVN Stock Alert: Rivian Prices $1.5 Billion Convertible Note Offering
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
