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Home»Business»Wall St falls after jobs data, worries over high Treasury yields remain
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Wall St falls after jobs data, worries over high Treasury yields remain

October 5, 2023No Comments3 Mins Read
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Traders work on the floor of the NYSE in New York

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing Rights

  • U.S. weekly jobless claims rise moderately
  • VinFast rises as Q3 revenue more than doubles
  • Clorox down after forecasting Q1 loss
  • Indexes down: Dow 0.19%, S&P 0.26%, Nasdaq 0.26%

Oct 5 (Reuters) – Wall Street’s main indexes slipped on Thursday as recent data pointed to still-tight labor market conditions, while U.S. Treasury yields were still at elevated levels.

Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities.

Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices.

“That real yields are moving higher means that it’s not just the inflation and oil prices move … the market is asking a higher premium to invest in long-dated Treasuries,” said Charles-Henry Monchau, chief investment officer at Syz Group.

Lower crude oil prices weighed on energy shares (.SPNY) and they were down 0.8%, while the utilities sector (.SPLRCU), often considered a bond proxy, fell 1.3%.

Healthcare stocks (.SPXHC) rose 0.6% and were the least hit among the major S&P 500 sectors.

The Labor Department’s report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions.

Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday.

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At 9:45 a.m. ET, the Dow Jones Industrial Average (.DJI) was down 62.18 points, or 0.19%, at 33,067.37, the S&P 500 (.SPX) was down 11.04 points, or 0.26%, at 4,252.71, and the Nasdaq Composite (.IXIC) was down 35.03 points, or 0.26%, at 13,200.98.

Traders put the chance of interest rates remaining unchanged in November and December at 80% and 63%, respectively, according to CME’s FedWatch tool.

Federal Reserve policymakers including Minneapolis’ Neel Kashkari, Richmond’s Thomas Barkin, San Francisco’s Mary Daly and Vice Chair for Supervision Michael Barr are set to speak during the day.

The race to replace ousted House Speaker Kevin McCarthy took shape on Wednesday as Steve Scalise, the chamber’s No. 2 Republican, and Jim Jordan, a leading antagonist of Democratic President Joe Biden, said they would seek the post.

Among stocks, Clorox (CLX.N) fell 6.2% as the cleaning products maker said it expects to post a first-quarter loss.

Rivian Automotive (RIVN.O) dropped 15.7% after the EV maker said it plans to sell convertible green bonds worth $1.5 billion and forecast quarterly revenue to rise in line with estimates.

VinFast gained 4% after the Vietnamese EV maker reported third-quarter revenue that more than doubled.

Dell Technologies (DELL.N) said it expects compounded annual revenue growth of 3% to 4% over the long term. Shares of the PC maker were down 1.2%.

Lamb Weston Holdings (LW.N) rose 11% after the frozen potato products supplier raised its annual profit and sales forecast.

Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

See also  Yellen says U.S. inflation fight 'not a straight line' after price rise data

The S&P index recorded three new 52-week highs and 12 new lows, while the Nasdaq recorded 15 new highs and 106 new lows.

Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta

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