Business due diligence service – The US stock market fell for the third consecutive session on August 30, 2022.
The rising employment data raised concerns that the Fed will have more reason to maintain the path of interest rate hikes to cool down inflation.
The Dow Jones Industrial Average fell 308.12 points, or 0.96%, to 31,790.87.
The S&P 500 also lost 44.45 points, or 1.1%, to 3,986.16.
Meanwhile, the Nasdaq Composite also dropped 134.53 points, or 1.12%, to 11,883.14 points.
The S&P 500 Index has fallen more than 5% since the Chairman of the US Federal Reserve (Fed), reaffirmed the US central bank’s determination to raise interest rates.
U.S. job vacancies rose to 11,239 in July. Last month’s figure was also revised higher.
A separate report on consumer confidence showed that US consumer confidence rebounded strongly in August after three consecutive months of decline.
Mr. John Williams said, to combat high inflation, the US central bank could raise interest rates to around 3.5%.
Atlanta Fed President Raphael Bostic thinks the Fed could cut by 0.75%, if the latest data shows inflation is slowing.
Thomas Barkin, president of the Fed in Richmond, said that the Fed’s commitment to bring inflation back to the 2 percent target is unlikely to lead to a recession.
74.5% of Wall Street traders are expecting the Fed to raise rates by 0.75% at its September meeting.
The stock market continued to decline, the energy industry dropped by 3.36% because oil prices fell by more than 5% in the past time.
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