U.S. Stock Market Experiences Sharp Decline Amid Employment Data and Rising Oil Prices

U.S. stock markets saw a significant drop in early trading as last month's employment data showed a notable downturn. According to RTHK, non-farm payrolls unexpectedly decreased by 92,000, and the unemployment rate rose to 4.4%. Additionally, oil prices surged again, raising concerns about inflation and its potential impact on the economy. The Dow Jones Industrial Average fell nearly 915 points after the market opened, testing the 47,000-point threshold, marking a three-month low. It was recently reported at 47,117 points, down 836 points, or approximately 1.8%. The S&P 500 Index stood at 6,725 points, down 105 points, with a decline of over 1.5%. Meanwhile, the Nasdaq Composite Index was at 22,425 points, down 323 points, with a drop of over 1.4%. Oil prices experienced a significant surge, with London Brent crude surpassing $90 per barrel for the first time in nearly two years, recently reported at $91.51, up over 7%. New York crude futures earlier exceeded $89, reaching $89.3, up over 10%, marking a two-and-a-half-year high. British and American crude oil have increased by approximately 50% and nearly 56% respectively this year.