New York Due to the fall in the employment market in America, its effect is being seen on the global markets. On Friday, a huge fall was seen in America's Wall Street. It is being said that the reason for the fall in Wall Street is the rising unemployment rate in America. Some time ago, the shares of technology companies had jumped high, but after some time, a huge fall was seen in these shares, due to which the market has suffered. After this loss, concerns about the economy have increased.
The S&P 500 fell 1.7 per cent and had its worst week since March 2023. Broadcom, Nvidia and other technology companies dragged the market down as concerns persisted that their prices had risen too much in the boom around artificial intelligence (AI), and they dragged the Nasdaq Composite down 2.6 per cent. The Dow Jones Industrial Average fell 410 points, or one per cent, after erasing a 250-point morning gain.
The bond market also saw sharp volatility after the employment report, with Treasury yields falling, then recovering, and then falling again. The report showed that US employers hired fewer workers in August than economists expected. It was billed as the most important employment report of the year, and it marked the second consecutive month that hiring fell short of forecasts. It also followed recent reports showing weakness in manufacturing and some other sectors of the economy.
The term “Wall Street” has become a synonym for the financial markets of the United States, the American financial services industry, New York-based financial interests, or the Financial District itself. Dominated by Wall Street, New York has been described as the world's leading fintech and financial center. The Wall Street area is home to the New York Stock Exchange, the world's largest stock exchange by total market capitalization, as well as the Federal Reserve Bank of New York and numerous commercial banks and insurance companies.
(With agency input)
