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Wednesday, September 28, 2022

US stocks open lower despite job additions beating estimate

EconomyUS stocks open lower despite job additions beating estimate

New York (The Times Groupe)- US stock markets opened lower on Friday despite higher job gains in May than expected.

The Dow was down 266 points, or 0.8%, to 32,981 points at 9.31 a.m. EDT (1331GMT). The S&P 500 fell 49, or 1.2%, to 4,127.

Even after gaining 2.7% in the previous session, the tech-heavy Nasdaq was off 200 points, or 1.6%, to 12,117 at the time.

According to the Labor Department, the US economy added 390,000 jobs in May, above the market estimate of 325,000.

As a result, the VIX volatility index, also known as the fear index, rose 3.6% to 25.61.

The dollar index rose 0.14% to 101.97 and the 10-year US Treasury yield increased 2.1% to 2.977%.

In precious metals, gold fell 0.4% to $1,862 and silver fell 0.3% to $22.25.

Crude prices increased slightly. Global oil benchmark Brent crude was trading at $117.84 for a 0.2% gain, while American benchmark West Texas Intermediate (WTI) was at $117.16 — a 0.25% increase.

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