Investing.com – U.S. stock indexes snapped earlier gains and fell again in premarket trading on Wednesday (October 5), as data showed the U.S. labor market remained strong.
In September, the number of new jobs created by the US ADP, known as the small non-farm farm, rose to 208,000 from 132,000 in August, higher than the expected 200,000. “We are in a transition period where we will continue to see steady job growth,” said Nela Richardson, chief economist at ADP. “For now, employer demand remains strong and labor supply is improving.”
On the other hand, the U.S. trade account recorded -$67.4 billion in August, the smallest deficit since May 2021.
In the previous trading day, US stocks soared for two consecutive days, the largest two-day gain in more than two years, up 3.06%, up 2.80%, and up 3.34%.
As of 20:50 Beijing time (08:50 a.m. ET), the U.S. stock market of Investing.com showed that it fell 289.7 points, or about 0.96%, to 30,026.60 points; it fell 37.5 points, or about 0.99%, to 3,753.40 points ; fell 124.1 points, or about 1.07 percent, to 11,458.40.
premarket stocks
Twitter (NYSE: ) fell 0.96% after Elon Musk called the “acquisition of Twitter an accelerator to create the universal app X.”
Icahn Enterprises (NASDAQ: ): Carl Icahn’s Icahn Enterprises is expected to make $250 million from Musk’s acquisition of Twitter, according to media reports. Icahn Enterprises previously bought $500 million in Twitter stock for more than $30, the report said.
Snap Inc (NYSE: ) fell 0.37%, although Barclays analyst Ross Sandler raised his price target on Snap to $21 from $15 and maintained an overweight rating on the stock. Analysts believe that the digital advertising market is weak but stable, with growth likely to continue to decelerate and possibly bottom in the first half of 2023.
Credit Suisse (NYSE: Credit Suisse: ) fell 4.89% after a report that some clients stopped offering shares to Credit Suisse’s stock lending subsidiary due to financial concerns.
Amazon (NASDAQ: ) fell 1.46% after a report said Amazon had frozen retail hiring until the end of the year due to slowing online sales.
Exxon Mobil .
Emerson Electric (NYSE: ) rose 1.94% as Blackstone Group is in talks to buy Emerson Electric’s assets including at least its commercial and residential (power) solutions businesses.
Apple Inc (NASDAQ: AAPL) fell 1.05%. Apple is asking suppliers to move AirPods and Beats headphone production lines to India.
Tesla (NASDAQ: ) fell 1.73%. Netflix (NASDAQ: ) fell 1.23%, Microsoft Corp (NASDAQ: ) fell 1.03%, Google parent Alphabet (NASDAQ: ) fell 1.22% and Facebook parent Meta Platforms (NASDAQ: ) fell 0.80%.
China concept stocks
China Internet ETF KraneShares CSI China Internet (NYSE: ) fell 0.23%.
Futu Securities (NASDAQ: ) fell 0.35% and Tiger Securities (NASDAQ: ) fell 0.87%.
NIO (NYSE:)(HK:) rose 0.06%, Li Auto (NASDAQ:)(HK:) fell 0.69% and Xiaopeng Motors (NYSE:)(HK:) fell 3.01%. Mavericks Electric (NASDAQ: ) rose 1.70%.
Bilibili (NASDAQ: ) (HK: ) fell 2.81% and iQiyi (NASDAQ: ) fell 1.74%.
Alibaba (NYSE:)(HK:) rose 0.77%, JD.com (NASDAQ:)(HK:) rose 2.73% and Pinduoduo (NASDAQ:) rose 1.25%.
Baidu (NASDAQ: ) (HK: ) rose 0.15%. NetEase (NASDAQ: ) (HK: ) rose 0.73%.
Economic data and events
20:15 Beijing time (08:15 am EST)
20:30 GMT (08:30 AM ET)
and
21:45 Beijing time (09:45 am EST)
22:00 Beijing time (10:00 am EST)
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Compilation: Liu Chuan