Investors are awaiting the US Department of Labor's February 2023 employment report.
NEW YORK, USA – Wall Street slid sharply on Thursday, March 9, pulled lower by bank stocks and jitters ahead of the employment report on Friday, March 10, while Treasury yields dropped on signs thatAll three major US stock indexes slid between 1.7% and 2.1% after lender SVB Financial Group announced a $1.75-billion share sale to shore up its balance sheet.
The dollar backed off a near three-month high, gold advanced, and benchmark US Treasury yields eased as economic data took some of the sting out of Fed Chairman Jerome Powell’sData released on Thursday showed US jobless claims rose 11% last week – the largest increase in five months – while planned layoffs for February jumped fourfold, year-on-year.A clearer picture on whether the job market is softening is expected on Friday in the Department of Labor’s February employment report.
Emerging market stocks lost 1.10%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.91% lower, while Japan’s Nikkei rose 0.63%.Benchmark 10-year notes last rose 15/32 in price to yield 3.9169%, from 3.976% late on Wednesday, March 8.The greenback, which rose to a near three-month high during Powell’s testimony, pulled back against a basket of currencies after the jobless claims data.The Japanese yen strengthened 0.89% versus the greenback at 136.
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