Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing Rights
Oct 6 (Reuters) – U.S. stock index futures turned sharply lower on Friday after a closely watched jobs report signaled still-tight labor market conditions, fanning fears that the Federal Reserve might keep interest rates higher for longer.
The Labor Department’s report showed non-farm payrolls increased by 336,000 jobs in September on a monthly basis, against expectations of 170,000 additions, according to a Reuters poll of economists.
Unemployment rate stood at 3.8% against expectations of 3.7%, while average hourly earnings increased 0.2%, compared with estimates of 0.3%.
At 8:31 a.m. ET, Dow e-minis were down 190 points, or 0.57%, S&P 500 e-minis were down 35.25 points, or 0.82%, and Nasdaq 100 e-minis were down 159.5 points, or 1.07%.
Reporting by Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta
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