US stocks open lower after hotter-than-expected jobs figure

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened lower on Friday after the key jobs figure came in hotter than market estimates.

The Dow Jones was down 190 points, or 0.57%, to 32,930 at 9.40 a.m. EDT, while the S&P 500 was off 33 points, or 0.77%, to 4,225.

The Nasdaq, meanwhile, declined 112 points, or 0.75%, to 13,106 at the time.

The American economy added 336,000 jobs in September, sharply higher than market estimates of 170,000, the Labor Department announced earlier. Job additions for August, in addition, were revised up by 40,000, from 187,000 to 227,000,

The strong jobs figures indicate that labor market in the world's biggest economy still remains hot, and the Federal Reserve, which wants to cool off the labor market, may continue to raise interest rates as it continues to fight against persistent high inflation.

The VIX volatility index, also known as the fear index, rose 3.3% to 19.10. The 10-year US Treasury yield soared 2.5% to 4.833%.

The dollar index jumped 0.4% to 106.75, while the euro decreased 0.36% to $1.0509 against the greenback.

Precious metals were mixed, with gold trimming 0.1% to $1,818 an ounce but silver rising 0.4% to $21.06.

Oil prices continued their decline, losing around 0.6% with global benchmark Brent crude at $83.70 per barrel and US benchmark West Texas Intermediate at $81.87.