Dow Jones Falls Over 400 Points As Jobs Data Adds To Rate Worries

In a shocking turn of events, the major US stock Dow Jones fell into the negative territory for the year, on Tuesday, September 3, 2023. Meanwhile, the dark horse, US job openings increased more than expected in August in yet one more sign of a resilient economy that suggests interest rates will remain high for an extensive period. Shockingly, Dow Jones dipped into negative territory for the year. Reports have suggested that Dow Jones fell more than 400 points for the year. The Job data also increased the worry about higher rates. We have discussed the latest developments and major highlights of the Global market in detail in the following sections of this article. Continue reading this article for more information. Scroll down the page and take a look below.

Dow Jones

Dow Jones Dipped Into Negative Territory

As mentioned, the major US stocks dipped into negative territory, Dow Jones fell over 400 points. To be precise, the Dow Jones lost 496.25 points which was 1.48 percent of 32,937.1. The other major US stocks that fell in negative territory are the Nasdaq Composite and the S&P 500. The Nasdaq Composite fell 277.28 points or 2.08 percent to 13,030.49 and the S&P 500 dropped 69.39 pounds or 1.62 percent a 4219. Shockingly, the stock market lost over 40 percent of its value since July month’s end after charging higher for much of the year. Kindly note that Wall Street’s fear gauge, the CBOE volatile index hit the highest since May. Scroll down the page.

Big Tech stocks were some of the heaviest weights on the market and were seen as some of the prominent victims of high interest rates. Amazon fell 3.9%, Nvidia lost 2.8%, and Microsoft dropped 3%. The 10-year Treasury yield jumped again up to 4.80% on Tuesday from 4.69% late Monday and from just 0.50% in the pandemic. It increased to 16-year highs on investor worries that the Fed will hold interest rates higher for longer after job openings shockingly rose in August. The US job openings unexpectedly surged in August amid a rise in demand for workers in the professional and business services sector.

Job openings on the last day of August were up 690,000 to 9.610 million which was the most in the past two years. Instead of the previously reported 8.827 million data for July was revised higher to show 8.920 million job openings. Oil prices closed higher a day after declining sharply to cut their big gains since the summer. A barrel of benchmark US crude increased 41 percent to settle at $89.23 following charging mostly higher from $70 during the summer.

Amzad Khan
Amzad Khan

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