18 Hrs
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الاقتصادية
Wall Street closes steady amid rate hike bets
The major U.S. stock indices closed lower on Friday, but their performance remained steady throughout the week, amid rising expectations that the Federal Reserve will raise interest rates following a strong U.S. jobs report for August. The data showed an addition of 162,000 jobs compared to an expected 56,000, with the unemployment rate holding at 4.1%. The government also revised upward the figures for June and July by a total of 55,000 jobs, further supporting the stability of the labor market indicators. Currently, markets assign a 58.4% probability of a 25 basis point rate hike in September, with upcoming inflation data expected to provide more clarity on monetary policy. Markets anticipate that the continued strength of the labor market may lead the Federal Open Market Committee to rely more on tightening policies. Meanwhile, sectors such as consumer goods and luxury items have seen declines, along with some major companies whose stocks have fallen due to leadership changes and revisions of their forecasts, whereas semiconductor stocks have risen.
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