Wall Street opens lower on interest rate scares

Monday, 05. December 2022 15:31

New York stock exchanges opened in red on Monday, as better-than-expected jobs report seemingly dimmed hopes that the Federal Reserve would slow the pace of interest rate increases at their monetary policy meeting next week. The strong jobs data could potentially leave room for the Federal Reserve to further tighten its monetary policy as the labor market showed resilience towards its aggressive inflation approach.

The negative trend on Wall Street appeared to be fueled by the rising prices of crude, and rumors of Tesla Inc. slashing its production at its Shanghai factory.

The Dow Jones Industrial Average tumbled 0.62% or 206 points, with Nike Inc. losing 2.13%. The Nasdaq 100 slumped 0.66%, with Tesla Inc. plunging 3.64%. The S&P 500 dropped 0.68% as VF Corporation sank 6.23%.

The euro gained 0.25% versus the dollar, to sell at $1.05593 at 9:28 am ET.

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