Stocks turned lower after hawkish comments from the Fed Chair Powell. Investors are still skeptical despite the Fed's persistent reiteration of its commitment in fighting high inflation.
The Nasdaq Composite index halted a 7-day slide and tech stocks rebounded after crude oil plunged. Oil prices plunged 6% and extended 10-day slide to 16% from its recent peak on Aug 29.
United bumped up its third quarter revenues outlook on higher summer travel demand. Twitter trial is set to proceed after a Delaware judge disallowed Musk's request to postpone.
Illumina plans to appeal the European regulator's decision to reject the GRAIL deal. Apple is scheduled to release a new iPhone tomorrow. Signify Health agreed to be acquired by CVS.
Benchmark indexes extended losses for the third week in a row as investors shifted focus to the Fed's next move after the latest jobs report showed slower but solid job additions in August.
Oil complex stocks led the gainers after the release of jobs report. Starbucks appointed a new chief. Lululemon surged on positive outlook. Broadcom gained on strong quarterly results.
August payrolls slowed but still broad-based and healthy increase supported the market narrative that the Fed may slow down the pace of future rate hikes.
Bond yields rose to multi-year highs and crude oil fell after three large cities in China impose stricter mobility and social gathering restrictions. Crude oil fell 4%.
MongoDB plunged after the company revised its annual outlook. Ciena fell on sales outlook. Signet declined after same store sales fell. Nvidia and AMD declined on the new U.S. licensing restrictions.
Stocks extended losses for the fifth day in a row and bond yields continue to rise ahead of the jobs report Friday. Markets are bracing for a series of rate hikes in the U.S. and Europe after central bankers orchestrated a campaign in support of higher rates.
World markets closed down more than 4% as central banks around the world set the stage for rate hikes beginning as early as next week. Energy prices remained in focus after inflation accelerated in Europe.
