(Finance) – Wall Street loses momentum after a sharply higher openingprompted by the Labor Department report, which reported that the US job market remains strong. In October, 261,000 jobs were added in the non-farm payrolls sectors, after 315,000 payrolls were created in September (revised from 263,000). The figure was higher than market expectations, which indicated an increase of 200,000 jobs. At the same time, the unemployment rate rose to 3.7% from 3.5% the previous month.
The macroeconomic figure has been received in a mixed way by investors, with some believing that a still strong job market can keep the Federal Reserve on its path of aggressive rate hikes. In fact, more data will be released before the December meeting of the Fed, and therefore central bankers still have several indications to consider before the next meeting.
Meanwhile, the quarterly reports continue. PayPal lowered its annual revenue growth forecast, despite better-than-expected quarterly earnings and revenues. Coinbase reported a quarterly loss of $ 545 million and signaled that macroeconomic headwinds will persist into 2023.
Starbucks it posted better-than-expected profits and revenues for the final quarter, with sales reaching a record high. DoorDash it posted record orders and better-than-expected revenues, although its quarterly loss was larger than expected.
Due to the transition to summer time in Europe, which took place on Sunday 30 October 2022, US and Canadian stock exchanges open temporarily one hour earlierat 14:30 CET, and close at 21:00 CET until Sunday 6 November 2022, when daylight saving time will start in the United States and Canada.
The Dow Jones shows a flat trend; bad day forS&P 500, which loses 0.08% to 3,716 points. The Nasdaq 100 (-0.57%).