Wall Street falls sharply amid Mideast tensions, ahead of jobs data
U.S. equity indexes under pressure; Nasdaq off >1.5%
Energy leads S&P sector gainers; Tech weakest group
Euro STOXX 600 index off ~0.6%
Dollar gains; gold up ~1%; crude up ~3%; bitcoin down >1.5%
U.S. 10-Year Treasury yield slides to ~3.72%
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WALL STREET FALLS SHARPLY AMID MIDEAST TENSIONS, AHEAD OF JOBS DATA
Shares on Wall Street are sharply lower early Tuesday ahead of a crucial nonfarm payroll report on Friday that will likely determine whether a jobs-focused Federal Reserve will slow or accelerate the pace of rate cuts in its latest easing cycle.
This also comes a day after Fed Chair Jerome Powell indicated that the U.S. central bank will lower interest rates over time, reducing the chances of a jumbo rate cut of 50 basis points at next month's policy meeting.
Investors are also on tenterhooks amid raging geopolitical tensions in the Middle East.
U.S. job openings also came out on Tuesday, meanwhile, showing a rise to 8.04 million in August, backing the Fed's no-rush approach.
U.S. manufacturing was similarly benign, with the index at 47.2 in September, in line with both the forecast, and unchanged from the reading in August. The employment index declined, meanwhile to 43.9 last month.
"The drop in the employment index confirms the Fed's concerns about the labor market," writes High Frequency Economics led by its chief economist Carl Weinberg.
"At least in the manufacturing sector, this survey result suggests the labor market is softer than hard data signal in the rest of the economy."
Investors are now looking to what the fourth quarter brings for equities, particularly after September defied historical trends by posting gains last month. The S&P 500 .SPX and the Dow .DJI notched their fifth straight month in gains in September and closed near record highs on the last day of the month.
"The good news is that it (Q4) has some of the best seasonals of the year, and has consistently been the strongest quarter for the S&P 500 in recent years," writes Deutsche Bank in a research note.
"But then again, the seasonals didn't work at all in September, and there's plenty of uncertainty on the horizon with the U.S. election in just 5 weeks' time."
Here's an early snapshot of financial markets:
(Gertrude Chavez-Dreyfuss)
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FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
AS U.S. STOCK BULLS RUN, CAN ANIMAL SPIRITS KEEP PACE? - CLICK HERE
ASSESSING THE IMPACT OF POTENTIAL TAX HIKES ON FRENCH STOCKS - CLICK HERE
EUROPEAN BANKS FEEL THE SQUEEZE AS ECONOMY FALTERS - CLICK HERE
ITALY’S FISCAL PLAN IS DOABLE, BUT ONLY UNTIL 2027 - CITI - CLICK HERE
LUXURY DOWN AGAIN, AUTOS STEADY AS Q4 KICKS OFF - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES STEADY, M&A ON THE RADAR - CLICK HERE
MILDER INFLATION SEEN SETTING UP RATE CUTS - CLICK HERE
US early snapshot https://tmsnrt.rs/3Y2OOqG
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