US stocks traded lower on Friday after the release of upbeat nonfarm payrolls data for September, raising the outlook for September federal reserve will continue its aggressive rate hike campaign.
Non-farm payrolls rose 263,000 jobs last month, beating market expectations of 250,000, while the unemployment rate fell to 3.5% from 3.7% estimates.
Money markets expect a fourth straight rate hike of 75 basis points at the forthcoming November Fed meeting.
shares of Microsoft Corporation MSFT, NVIDIA Corporation NVDA and Amazon.com, Inc. AMZNwas trading lower on Friday.
That Nasdaq100 fell 3.88% to close at 11,039.47 on Friday during the S&P500 fell 2.80%. That Dow Jones declined 630 points and settled at 29,296.79 in the previous session.
All sectors of the S&P 500 ended on lower notes, with information technology and consumer discretionary stocks posting the largest declines on Friday.
The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) rose 2.8% to 31.36 points on Friday.
What is the CBOE Volatility Index?
The CBOE Volatility Index, popularly known as the VIX, is a measure of stock market volatility expectations based on call and put options of the S&P 500 index options.
