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Wall St slides for fifth straight day on rate hike jitters; Nasdaq falls 2%

All eyes on August nonfarm payrolls report on Friday; Nvidia, AMD falls after US export ban on AI chips to China

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The weekly jobless claims fell more-than-expected last week and layoffs dropped in August, consistent with strong demand for workers. Investors now await the monthly nonfarm payrolls report on Friday for more evidence on the labor market.

Reuters
US stock indexes slid for the fifth straight session on Thursday as fresh signs of a tight labor market raised expectations of an aggressive approach by the Federal Reserve, lifting bond yields and pressuring growth stocks.

The weekly jobless claims fell more-than-expected last week and layoffs dropped in August, consistent with strong demand for workers. Investors now await the monthly nonfarm payrolls report on Friday for more evidence on the labor market.

Economists polled by Reuters sees jobs increase of 300,000, while Wells Fargo economist Jay Bryson revised his forecast for nonfarm payrolls to 375,000 from 325,000.

"The data coming out still keeps

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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