Dow Jones Tumbles 600 Points, S&P 500 Slips 1.5% As US Jobs Growth Cast Cloud On Fed Rate Cuts
All three main US stock market indices opened at the opening bell on Friday, as the trading commenced on Wall Street.
The Dow Jones Industrial Average traded 600 points lower, or 1.3%. The S&P 500 shed 1.5%. The Nasdaq Composite lost 2%.
The S&P 500 opened 0.98% lower at 5,860, whereas the 30-stock Dow Jones Industrial Average opened 0.73% lower at 42,322.11. The tech-heavy Nasdaq Composite opened around 1.39% lower at 19,208.98.
Two of the eleven sectoral indices advanced in the early minutes of trade, led by the energy sector and utilities sector. While nine sectoral indices declined in the early trade, led by communication services and the financial sector.
Among major companies, shares of Delta Air Lines, Walmart, and Walgreens Boots saw gains in early trade. On the other hand, Intel Inc., Nvidia Inc., KKR & Co., Apple Inc., and Nasdaq Inc. saw declines.
Among other asset classes, the yield on 10-year US Treasury bonds advanced five basis points to 4.74%.
The dollar index rose 0.3%. The euro fell 0.4% to $1.0257 and British pound fell 0.6% to $1.2232. The Japanese yen fell 0.1% to 157.98 per dollar.
In the commodities market, spot gold advanced 0.62% to $2,683.84 an ounce. Brent crude, the global oil benchmark hits $80 a barrel for the first time since October. Brent crude advanced 4.24% to $80.18 per barrel.
Bitcoin, the world's largest traded cryptocurrency rose 1.9% to $93,839.51.
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