 "US stocks slide as traders bet on more rate hikes by Federal Reserve")
Wall Street tumbled on Thursday as data signaling a resilient labour market and hawkish minutes of the Federal Reserve's June meeting fanned fears the central bank could keep interest rates higher for longer.
Private payrolls increased more than expected in June, the ADP National Employment report showed, indicating the labour market remained strong despite growing risks of a recession from higher interest rates.
Another survey showed the number of Americans filing new claims for unemployment benefits increased moderately last week. All 11 major S&P 500 sectors were in the red in early trading, with technology stocks leading the declines, down 0.9 per cent.
US stock indexes had slipped in the previous session after the Fed minutes showed a vast majority of the policymakers expected further policy tightening, even as they agreed to hold rates steady in June. At 7.53 PM India time, the Dow Jones Industrial Average was down 341.58 points, or 1.00 per cent, at 33,947.06, the S&P 500 was down 45.79 points, or 1.03 per cent, at 4,401.03, and the Nasdaq Composite was down 173.02 points, or 1.25 per cent, at 13,618.64.
Europe’s Stoxx 600 index sank the most in two weeks.