GLOBAL MARKETS DJIA 29926.94 -346.93 -1.15% Nasdaq 11073.31 -75.33 -0.68% S&P 500 3744.52 -38.76 -1.02% FTSE 100 6997.27 -55.35 -0.78% Nikkei Stock 27188.69 -122.61 -0.45% Hang Seng 17846.79 -165.36 -0.92% Kospi 2237.81 -0.05 0.00% SGX Nifty* 17271.00 -45 -0.26% *Oct contract USD/JPY 144.93-94 -0.14% Range 145.14 144.87 EUR/USD 0.9810-13 +0.19% Range 0.9814 0.9787 CBOT Wheat Dec $8.790 per bushel Spot Gold $1,710.11/oz -0.1% Nymex Crude (NY) $88.98 $1.22 U.S. STOCKS
U.S. stocks moved lower Thursday, stumbling again after a red-hot start to the week.
The S&P 500 fell 1%, or 38.76 points, to 3744.52. The Dow Jones Industrial Average declined 1.1%, or 346.93 points, to 29926.94. The tech-focused Nasdaq Composite slipped 0.7%, or 75.33 points, to 11073.31.
The S&P 500 had soared a combined 5.7% on Monday and Tuesday-its best two-day percentage gain since April 2020. But Wednesday's performance, when all three indexes finished lower, served as a reminder that rallies in 2022 are often fleeting.
ASIAN STOCKS
Japanese stocks were lower, dragged by falls in tech and electronics stocks, as caution continues about the Fed's tightening ahead of U.S. jobs data. Investors were focusing on U.S. labor market data due later in the day and its implications for the central bank's policy. The Nikkei Stock Average was down 1.2% at 26982.58.
South Korea's benchmark Kospi was down 0.5% to 2226.73 in early trade, led by losses in index heavyweight Samsung Electronics and mobile internet stocks. Samsung Electronics' downbeat 3Q preliminary earnings forecast was weighing on sentiment. The stock was down 1.2%.
Hong Kong stocks declined in morning trade, continuing to pull back from a strong rebound earlier this week. The benchmark Hang Seng Index was down 0.9% at 17852.55. China Industrial Securities said that after a sharp upturn on Wednesday, the market was likely to consolidate at current levels. Whether the market can sustainably recover from a bearish situation would depend on improvement in external factors such as more moderate interest-rate increases by the Fed, China Industrial Securities added.
Markets in China are closed Friday for the National Day holiday.
FOREX
Asian currencies were mixed versus USD ahead of the U.S. employment report due out later in the global day. Any underperformance in the report could provide markets with some breathing room before the FOMC minutes and the U.S. CPI data due out next week, IG said. Current expectations indicate job additions of 250,000, so any reading below 200,000 might be preferred by market bulls, IG added. USD/KRW rose 0.2% to 1,411.65, USD/JPY edged 0.1% lower to 145.02 and AUD/USD was up 0.2% at 0.6424.
METALS
Gold edged lower in the morning Asian session, weighed by overnight hawkish remarks from Fed officials including Fed Gov. Lisa Cook. The precious metal appears to be entering a consolidation phase as market participants await the U.S. nonfarm payrolls report due out later today, Oanda said. If the report doesn't deliver any major surprises, gold could still be stuck in a range between $1,700/oz and $1,740/oz as traders will wait for next week's U.S. inflation report, Oanda added. Spot gold was down 0.1% at $1,710.11/oz.
OIL SUMMARY
Oil edged higher in the early Asian session, supported by prospects of tight supply. This week's move by OPEC+ to reduce oil production could be a turning point, with this decision likely to further tighten the market, ANZ Research said in a report. The oil market was already facing a rarely seen series of supply disruptions, including European sanctions on Russian oil that will go into effect from December, it added. Front-month WTI crude oil futures were 0.2% higher at $88.61/bbl; front-month Brent crude oil futures rose 0.1% to $94.53/bbl.
TOP HEADLINES Fed Officials Say Stubborn Inflation Justifies Continued Rate Increases China's Forex Reserves Declined in September Japan's Foreign Reserves Fell at End September South Korea's Current Account Swung to Deficit in August Higher Australian Interest Rates Pushing Some Borrowers Closer to Default, RBA Says Samsung Expects Profits to Slump Rakuten Group: To Sell 20% Stake in Rakuten Securities to Mizuho for Y80.00B U.S. Takes Aim at OPEC for Oil Production Cuts European Leaders Hold Summit to Test Out a Larger Political Community IMF to Lower Global Growth Forecast Tesla Aims to Deliver First Semitrailer Trucks in December to Pepsi Twitter-Musk Judge Postpones Trial as Deal Talks Stall Celsius Executives Cashed Out $18 Million in Crypto Before Bankruptcy AMD Cuts Revenue Forecast Amazon to Hire 150,000 Workers Before Holiday Season Bank of Canada's Macklem Says 'More to Be Done' on Taming Inflation Nord Stream Pipeline Probe Adds Weight to Sabotage Suspicions U.N. Nuclear Agency Warns of Increased Risk at Ukraine's Largest Nuclear Plant U.N. Human Rights Council Rejects Holding Xinjiang Debate Trump Hasn't Returned All Documents, DOJ Officials Believe Donald Trump PAC Jumps Into Ohio, Pennsylvania Senate Races Iran Student Protests Pose Challenge to Raisi Government Karoon Energy Shares Surge on Royalty Rate Reduction
(END) Dow Jones Newswires
10-06-22 2315ET