Slowing growth in emerging markets and currency fluctuations in anticipation of a U.S. interest rate hike may push third-quarter revenue and earnings estimates lower this month. Estimates have already fallen for 9 out of 10 of the benchmark index's sectors so far this year, according to Thomson Reuters data. This could happen fairly quickly," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth slowed in August, but the unemployment rate dropped to a near 7-1/2-year low and wages accelerated, keeping alive prospects of a Federal Reserve interest rate hike later this month. Nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, the Labor Department said on Friday. August's gain was the smallest in five months as the factory sector lost the most jobs since July 2013.
By Jonathan Spicer and Jason Lange NEW YORK/RICHMOND, Va. (Reuters) - The latest U.S. jobs report was not definitively good or bad enough to help the Federal Reserve decide whether to raise interest rates later this month, leaving the decision hanging on volatility in financial markets over the next couple of weeks. The economy added 173,000 jobs in August, quite a bit fewer than expected. With global financial markets reeling over the last two weeks over fears of a Chinese economic slowdown, the report is probably the best and last direct reading on the economy before Fed officials consider hiking rates at a Sept. 16-17 meeting.