US stocks dive 1% as strong jobs figure triggers more rate hike woes

By Ovunc Kutlu

ISTANBUL (AA) - US stock exchanges dove around 1% apiece shortly after the opening bell on Thursday as strong jobs figure triggered worries amid more rate hikes by the Federal Reserve in coming months.

The Dow Jones plummeted 354 points, or 1.03%, to 33,933 at 9.44 a.m. EDT (1344GMT).

The S&P 500 lost 46 points, or 1.03%, to 4,400.

The Nasdaq also decreased 153 points, or 1.11%, to 13,639.

US private payrolls surged by 497,000 in June, strongly surpassing estimates of 228,000 jobs, according to the ADP Research Institute report released earlier.

Strong jobs data for the labor market suggests that the Fed may continue increasing interest rates in the remaining of this year.

The VIX volatility index, also known as the fear index, jumped 9.9% to 15.59.

The 10-year US Treasury yield, meanwhile, added 2.4% to 4.038%.

The dollar index fell 0.25% to 103.12, while the euro rose 0.2% to $1.0873 against the greenback.

Precious metals were in negative territory, with gold falling 0.2% to $1,911 per ounce and silver decreasing 1.2% to $22.85.

Oil prices were down around 1%, with global benchmark Brent crude at $76.21 per barrel and US benchmark West Texas Intermediate at $71.40.