#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news check out finance.yahoo.com
US stocks wobbled on Thursday as investors digested more weaker-than-expected labor market data that could help set expectations for both interest rate cut hopes and the health of the US economy.
The S&P 500 (^GSPC) dipped 0.3%, while the Dow Jones Industrial Average (^DJI) fell more than 200 points, or around 0.5%. The tech-heavy Nasdaq Composite (^IXIC) wavered between positive and negative territory throughout the day before finishing up more than 0.2%. The gauges ended Wednesday’s volatile session mixed as their sluggish start to September continued.
Private employers in the US posted their smallest monthly hiring growth since January 2021, new data from ADP showed on Thursday. Private payrolls grew by about 99,000, well below expectations. Meanwhile, slightly fewer Americans filed a new claim for unemployment benefits last week. On Wednesday, government data showed job openings slumped.
Together, the jobs market data serves as an appetizer for Friday’s main-course jobs report for August, crucial to the Fed’s policy decision making and closely watched amid hopes for a “Goldilocks” economy.
The market is torn between conflicting impulses as data releases paint a downbeat picture of the economy. Recent soft readings make the case for deeper rate cuts. But they could also be a sign the US is on the brink of recession and a “soft landing” is no longer in the cards.
Traders see an almost 50-50 chance the Federal Reserve will lower rates by 0.5% at its September meeting.
Read more: Fed predictions for 2024: What experts say about the possibility of a rate cut
On the corporate front, earnings from HPE (HPE) and C3.ai (AI) shed some light on prospects for AI growth. C3.ai shares slumped 8% after the enterprise AI software maker posted weak subscription revenue. HPE stock slipped as lower amid disappointment over its profitability.
Meanwhile, Tesla (TSLA) pared earlier gains to nearly 5%. The company plans to stick with plans to launch its Full Self-Driving software in China and Europe pending approval from regulators.
For more on this article, please visit:
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-continue-september-swoon-ahead-of-pivotal-jobs-report-200215727.html
source
