US OPEN: Wall Street sinks after strong labour data

• US indices launched today's cash trading lower
• ADP well above expectations
• Bed Bath & Beyond Inc (BBBY.US) is taking into account bankruptcy filing

Three major Wall Street indices launched today's session in red, with Dow Jones trading 0.80% lower, while the S&P 500 and Nasdaq fell 0.85% and 0.9% respectively as strong data from the US labour market  reinforced the narrative that the Federal Reserve will stick to its aggressive tightening. ADP report showed that private businesses created 235K jobs in December, higher than an upwardly revised 182K in November and well above market forecasts of 150K. Jobless claims fell to 204k, from the previous week's revised level of 223k and below analysts’ estimates of 225k. Also hawkish FOMC minutes and fresh remarks from several FED members put pressure on risky assets. Fed's George said the US central bank will maintain rates until 2024, while Bostic believes that despite signs that prices are moderating, there is still a lot of work to be done.

Company news:

Bed Bath & Beyond Inc (BBBY.US) stock plunged over 20.0% as home goods retailer is taking into consideration bankruptcy filing  due to decreasing sales, dwindling cash and debt load. 

Bed Bath & Beyond Inc (BBBY.US) stock fell below all-time low at $3.00 and entered uncharted waters. Source: xStation5

Walgreens Boots Alliance (WBA.US) shares dropped over 2.0% in premarket despite the drugstore posting better than expected quarterly results raising its full-year financial guidance partly due to its U.S. health care segment’s acquisition of Summit Health.

Amazon (AMZN.US) stock fell over 1.0% despite e-commerce giant announced  plans of cutting 18,000 jobs, more than initially planned.

Silvergate Capital (SI.US) stock plunged over 40.0%  after the crypto-friendly bank revealed that its digital asset deposits dropped by $8.1 billion in the final quarter of 2022 to just $3.8 billion amid a “crisis of confidence” in the sector following FTX’s collapse.