Wall Street Opens Lower as Upbeat Jobs Report Dampens Rate-Cut Hopes

Wall Street Opens Lower as Upbeat Jobs Report Dampens Rate-Cut Hopes
A street sign for Wall Street hangs in front of the New York Stock Exchange on May 8, 2013. (Lucas Jackson/Reuters)
Reuters
12/8/2023
Updated:
12/8/2023
0:00

Wall Street opened lower on Friday as stronger-than-expected U.S. job growth and a drop in the unemployment rate signaled resilience in the labor market, dampening hopes that the Federal Reserve would cut interest rates by early next year.

The Dow Jones Industrial Average fell 32.56 points, or 0.09 percent, at the open to 36,084.82. The S&P 500 opened lower by 9.39 points, or 0.20 percent, at 4,576.20, while the Nasdaq Composite dropped 60.54 points, or 0.42 percent, to 14,279.46 at the opening bell.