Stock Market Today Jobs Data Delivers Blow to Stocks Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Jobs Data Delivers Blow to Stocks

The September jobs report confirmed the economy has more slowing to do before the Fed can stop hiking rates. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 7 October 2022 Stocks finished the week far from where they started as Friday's jobs data all but confirmed that the Federal Reserve still has a long way to go to slow the economy.

Is the Stock Market Closed on Columbus Day/Indigenous Peoples' Day 2022? Earlier today, data from the Labor Department showed the U.S. added 263,000 jobs in September. While this marked a 17-month low in terms of the number of jobs added, it was still higher than economists were expecting. What's more, the unemployment rate dipped to a 50-year low of 3.5%. Wall Street's top minds were quick to weigh in on the implications of the September jobs report, including Rick Rieder, BlackRock's chief investment officer of global fixed income. "The Fed has made it clear that to achieve an inflation reduction from today's excessively high, and stubbornly sticky, levels of inflation; that economic and employment demand will probably have to decline," Rieder says. "That was not the case yet with today's nonfarm payroll data printing at 263,000 jobs gained, and with service sector employment in particular showing strength, it still doesn't seem anywhere close enough to where the Fed can take its foot off the tightening brake."

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Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. And that last point –- the one that suggests the Fed will continue to hike rates – is what sparked a major selloff in stocks today. The Dow Jones Industrial Average fell 2.1% to 29,296, the S&P 500 Index shed 2.8% to 3,639, and the Nasdaq Composite gave back 3.8% to 10,652. Still, all three major market indexes were higher on a weekly basis thanks to the monster gains they scored Monday and Tuesday. (Image credit: YCharts) Other news in the stock market today:The small-cap Russell 2000 spiraled 2.9% to 1,702.U.S. crude futures skyrocketed 4.7% to $92.64 per barrel, bringing their weekly gain to 16.5% thanks to the decision by OPEC+ to cut oil production. Gold futures fell 0.7% to $1,709.30 an ounce.Bitcoin fell 2.7% to 19,463.71 (to $20,012.81). (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)

A Positive Catalyst for Pot Stocks

Similar to the broader equities market, weed stocks went on a roller-coaster ride this week amid an onslaught of headlines. Most notable among this week's cannabis news was Thursday's move by President Joe Biden to pardon thousands of individuals who had been convicted at the federal level for "simple marijuana possession." But perhaps more importantly, Biden said he has directed the attorney general as well as the secretary of Health and Human Services to review how marijuana is classified under the federal law.

What Is the Metaverse (And How Can I Invest In It?) "While the president cannot in fact deschedule/reschedule cannabis unilaterally with an executive order, he can order executive agencies to consider doing so," says Jefferies analyst Owen Bennett. And this, Bennett adds, creates "a path to federal rescheduling without congressional action." For investors, a rescheduling of marijuana from its current Schedule 1 status could be a positive catalyst for pot stocks. Here, we take a closer look at three such names that could climb on the potential for federal policy changes down the road.

10 Dividend Growth Stocks Delivering Impressive Increases Explore More Stock Watch Markets Stock Market Today Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest What Is Lifetime Income Insurance Worth? A Guaranteed Lifetime Withdrawal Benefit (GLWB) could be just what you need when markets are down and you're worried about future income. By David Blanchett, PhD, CFA, CFP® • Published 12 November 22 Stock Market Today: Stocks Keep Climbing on Interest-Rate Optimism Investors continued to cheer Thursday's inflation update, with the Nasdaq and S&P 500 scoring their best week in months. By Karee Venema • Published 11 November 22 You might also like Stock Market Today: Stocks Keep Climbing on Interest-Rate Optimism Investors continued to cheer Thursday's inflation update, with the Nasdaq and S&P 500 scoring their best week in months. By Karee Venema • Published 11 November 22 Kiplinger's Weekly Earnings Calendar (Nov. 14-18) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Published 11 November 22 Stock Market Today: Stocks Lift Off After Encouraging Inflation Report The major market indexes rallied to their best day in two years after data showed inflation slowed in October. By Karee Venema • Published 10 November 22 Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. By Karee Venema • Published 8 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Stock Market Today: Stocks Fall Again as Fed Hangover Persists The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. By Karee Venema • Published 3 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
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