Dow drops more than 100 points, worries about Fed rate hike | RYT9

The Dow fell more than 100 points today following the release of higher-than-expected non-farm payrolls. This will be a factor supporting the interest rate hike of the US Federal Reserve (Fed).

At 9:03 p.m. Thai time, the Dow Jones Industrial Average stood at 31,227.58 points, minus 156.97 points or 0.5%.

The US Department of Labor said Non-farm payrolls rose 372,000 in June. 250,000 jobs above analyst expectations.

The unemployment rate remained stable at 3.6%, in line with analysts’ forecasts.

Wall Street stocks were also pressured by a rebound in US Treasury yields. Responding to the number of non-farm payrolls today

At the Atlanta Fed Branch revealed yesterday that The latest GDPNow forecast model shows that The US economy contracted 1.9 percent in 2Q22, from a previous indication of a 2.1% contraction.

GDPNow forecasts show that the US economy contracted in the second quarter, worse than the 1.6% contraction in the first quarter, and indicates that the US meets the definition of a recession. because the economy contracted for 2 consecutive quarters The Commerce Department will release its first estimate for its second quarter gross domestic product (GDP) on July 28, which will confirm whether the US economy has entered a recession.

The Atlanta Fed will report new GDPNow forecasts today. following the disclosure of non-agricultural employment numbers This is the economic data that is important to the Fed.

In addition, investors will keep an eye on the disclosure of listed companies’ earnings next week. It starts with the big US banks, which will report second-quarter results on July 14-15.

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