U.S. stocks open lower as Fed chief Powell’s words weigh on Wall Street
U.S. stocks opened lower Thursday, extending losses after the Federal Reserve's jumbo interest rate hike as investors weigh labor-market data. The Dow Jones Industrial Average DJIA, -1.01% was down 0.8% soon after the opening bell, while the S&P 500 SPX, -1.33% fell 1% and the Nasdaq Composite COMP, -1.67% dropped 1.2%, according to FactSet data, at last check. The Department of Labor said Thursday that initial jobless claims fell by 1,000 to 217,000 during the week ending Oct. 29.
The dip is below the 220,000 new claims that economists polled by the Wall Street Journal had forecast. Investors are watching for signs of the labor market softening as the Fed hikes rates to cool the economy and bring down high inflation. Treasury yields were surging Thursday morning after the Fed on Wednesday announced that it was raising its benchmark rate by three-quarters of a percentage point to a targeted range of 3.75% to 4%, its fourth straight increase of that size.
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