Investing.com - Australian stocks are forecasted to take a dip, reflecting Wall Street's losses prompted by stronger-than-anticipated employment data and increased yields that have dampened investor risk appetite.
The U.S. Job Openings and Labor Turnover Survey unveiled a rise in available positions, reaching 9.61 million in August, surpassing the expected 8.8 million. This revelation, coupled with the Federal Reserve Bank of Cleveland president Loretta Mester's suggestion of a probable rate hike in November if the economy maintains its current strength, has further strained investor sentiment.
ASX 200 Futures experienced a 20 point or 0.3% decrease to 6944 as of 9am AEDT, indicating a potential slump in the market. Major U.S. indices experienced a similar downturn, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite declining by 1%, 1.2%, and 1.5% respectively.
Key players in the market such as BHP (ASX:BHP) Group Ltd ADR (NYSE:BHP), Rio Tinto ADR (NYSE:RIO), and Atlassian Corp Plc (NASDAQ:TEAM) also witnessed downturns in New York, with decreases of 1.5%, 1.9%, and 1.9% respectively. Tech giants Tesla Inc (NASDAQ:TSLA), Apple Inc (NASDAQ:AAPL), and Amazon.com Inc (NASDAQ:AMZN) followed the same trend, with Tesla and Apple declining by 1% and 0.7% respectively, while Amazon experienced a more significant drop of 3%.
The Australian dollar faced a further 1% decrease, while the US Dollar Index continued its recent surge. Bitcoin also experienced a decline, with a 2.3% decrease to $US27,398 as of 9am AEDT.
In the US, the yield on the 10-year note rose by 9 basis points, hitting 4.803%, a level last seen in 2007.
Despite expectations from traders that the Federal Reserve will maintain interest rates in the November meeting, the odds are increasingly leaning towards a potential change in the interest rates decision in December.
Today's local agenda will focus on the Reserve Bank of New Zealand's interest rate decision at 12pm AEDT.
Global data on the table includes the Markit services PMI for September from the Eurozone, UK, and the US, Eurozone's retail sales and PPI for August; U.S. ADP employment, with August's factory orders, durable goods orders, and ISM services for September.