A surge in hiring in the United States renewed worries about aggressive interest rate hikes, bolstering the dollar and sending stocks lower
London, (UrduPoint / Pakistan Point News - 3rd Feb, 2023 ) :A surge in hiring in the United States renewed worries about aggressive interest rate hikes, bolstering the Dollar and sending stocks lower.
Meanwhile, poorly-received earnings reports from Apple, Amazon, and Google owner Alphabet raised worries that high interest rates and sky-high inflation were weighing on consumer demand.
The tech-heavy Nasdaq, which piled on more than three percent Thursday thanks to forecast-beating results from Facebook parent Meta, dropped two percent at the open of trading on Friday.
Shares in Amazon slumped 5.6 percent, Alphabet shed 4.4 percent and Apple dipped 0.6 percent.
The Dow slid 0.4 percent and S&P 500 fell 1.1 percent following the release of the monthly US jobs report.
After a five-month slowdown in hiring, the world's biggest economy added 517,000 jobs in January, and the jobless rate edged to 3.4 percent.
"The key takeaway from the report is that it has the market questioning its own conviction about the prospect of the Fed cutting rates before the end of the year, as it is thought the remarkable strength of the report could have the Fed questioning its own conviction about pausing rates soon," said market analyst Patrick O'Hare at Briefing.com.
The dollar bounded higher after the data was released, and the yield on US government...
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