U.S. stock indexes were edging higher in choppy trade on Wednesday morning as bond yields eased after weaker-than-expected labor market data in the wake of a...
U.S. stock indexes were edging higher in choppy trade on Wednesday morning as bond yields eased after weaker-than-expected labor market data in the wake of a sharp sell-off Tuesday which wiped away the Dow Jones Industrial Average’s gains for 2023 gains.
“That said, momentum within the labor market is slowing across the board in both goods-producing and services-producing businesses,” Roach said in emailed commentary on Wednesday. “Everybody keeps trying to look for hope in the labor market, but it becomes very, very slow in that pace in order to really be confident and get to a point where we could see the Fed cuts interest rates — we have to see more deterioration in the labor market,” Urbanowicz told MarketWatch via phone on Wednesday.
Weakness in U.S. stocks on Wednesday was led by the energy sector after crude oil prices fell to their lowest intraday level in four weeks. The S&P 500 Energy Sector XX:SP500.10 was down 3.08% and was on pace for its largest percentage decline since May 2, according to Dow Jones Market Data.U.S. bond yields eased lower on Wednesday after hitting fresh 16-year highs in the previous session. The yield on the 2-year Treasury BX:TMUBMUSD02Y slipped by 5 basis points to 5.
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