S&P 500 falls as yields jump after surprise labor demand strength stokes fed fears
Investing.com -- The S&P 500 fell Tuesday as data showing surprise strength in the labor market, stoked further concerns about higher Federal Reserve interest rates, pushing Treasury yields to the highest levels in more than a decade. report, a measure of labor demand, showed job openings in August unexpectedly increased by about 9.6 million, confounding expectations for drop to 8.8M.
The moves comes as a European court ruling in July -- stating that under the EU’s data protection rules, Meta must seek user consent first before showing personalized ads – threatens the tech giant’s advertising revenue, a major source of revenue. The company said it expects special charges -- relating to to organizational and streamlining actions -- to reduce EPS by $0.16 in 2023. But excluding special charges, adjusted EPS was expected to be in the range of $2.62 to $2.67, up from prior to guidance of $2.60 to $2.65.
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