US stocks slump after job data; AMD decline, DKNG climbs

Follow us on Google News:
 US stocks slump after job data; AMD decline, DKNG climbs
Image source: © Poringdown |

Wall Street indices closed the session on a low note on Friday, October 7, after stronger-than-anticipated job data poured water on hopes that the Federal Reserve may ease its tightened monetary plans in the near future.

The S&P 500 fell 2.80 per cent to 3,639.66. The Dow Jones was down 2.11 per cent to 29,296.79. The NASDAQ Composite lost 3.80 per cent to 10,652.40, and the small-cap Russell 2000 fell 2.87 per cent to 1,702.15.

The job data by the Labor Department for September raised concerns that the central bank has a way to go before turning dovish with its rate-hike campaign. According to the report, the unemployment rate declined to 3.5 per cent last month.

The report has once again indicated that the economy is resilient to the jumbo rate hikes by the central bank in an effort to tame inflation. Meanwhile, the reports showed that the nonfarm payrolls surged by 263,000 jobs in September.

Adding to the recent hawkish comments from the policymakers, New York Fed President John Williams said that further rate hikes are required to bring down the still-elevated inflation.

All 11 segments of the S&P 500 index stayed in the negative territory on Friday, October 7, with information technology and consumer discretionary as the highest percentage losers.

Shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) decreased by more than 13 per cent in the intraday session, after the semiconductor manufacturing firm provided gloomy preliminary results for Q3 FY22. The company said that it is anticipating its revenue to come lower than its prior guidance.

The stock of the sports betting company, DraftKings Inc. (NASDAQ: DKNG) advanced over two per cent in the intraday trading on Friday, after reports showed that the company is nearing a partnership deal with ESPN.

In the technology sector, Apple Inc. (AAPL) decreased by 3.60 per cent, Microsoft Corporation (MSFT) fell 5.02 per cent, and Nvidia Corporation (NVDA) slumped by 7.56 per cent. Broadcom Inc. (AVGO) and ASML Holding N.V. (ASML) plummeted 3.73 per cent and 5.58 per cent, respectively.

In consumer discretionary stocks,, Inc. (AMZN) declined by 4.66 per cent, Tesla, Inc. (TSLA) slipped by 5.83 per cent, and The Home Depot, Inc. (HD) dropped by 2.46 per cent. Lowe's Companies, Inc. (LOW) and Nike, Inc. (NKE) ticked down 2.14 per cent and 3.42 per cent, respectively.

In the healthcare sector, UnitedHealth Group Incorporated (UNH) plunged 3.22 per cent, Johnson & Johnson (JNJ) retreated 1.43 per cent, and Eli Lilly and Company (LLY) fell 2.11 per cent. Pfizer Inc. (PFE) and Danaher Corporation (DHR) were down 2.38 per cent and 3.73 per cent, respectively.

Futures & Commodities

Gold futures were down 1.06 per cent to US$1,702.50 per ounce. Silver decreased by 2.57 per cent to US$20.130 per ounce, while copper fell 1.78 per cent to US$3.3845.

Brent oil futures increased by 3.96 per cent to US$98.16 per barrel and WTI crude was up 5.02 per cent to US$92.89.

Bond Market

The 30-year Treasury bond yields were up 1.39 per cent to 3.846, while the 10-year bond yields rose 1.61 per cent to 3.885.

US Dollar Futures Index increased by 0.43 per cent to US$112.662.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Featured Articles