Key Points
- 162,000 new job openings were created in the U.S., above expectations.
- The probability of a Fed rate hike this month strengthened.
- S&P 500 fell 0.5%, Dow fell 378 points, Nasdaq fell 0.4%.
- Lululemon lost 19.1% on weak revenue guidance.
By the Numbers
162,000 new job openings0.5% S&P 500 decline378-point Dow Jones decline19.1% Lululemon decline
U.S. stocks fell on Friday after unexpectedly strong job data. It was reported that 162,000 new job openings were created last month; this opened the door for the Federal Reserve to decide on a rate hike this month.
The S&P 500 index lost 0.5%, the Dow Jones Index fell 378 points (0.7%), and the Nasdaq Composite Index declined 0.4%. Technology stocks rose to limit the decline; Nvidia rose 1.9%, Micron 4.3%, and Sandisk 8.7%. Lululemon, however, plunged 19.1% on weak quarterly revenue and a lowered year-end forecast.
Bond yields generally rose; the 10-year U.S. Treasury yield held at 4.77%. European and Asian markets traded mixed.
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Frequently Asked Questions
- Why did stocks fall?
- Unexpectedly strong job data increased the likelihood of a Fed rate hike.
- Which stocks rose?
- Technology stocks (Nvidia, Micron, Sandisk) rose despite the market decline.
- What happened to bond yields?
- The 10-year Treasury yield held at 4.77%, continuing its recent uptrend.
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