Indexes end lower ahead of US jobs data, Middle East still in focus
NEW YORK -U.S. stocks finished lower on Thursday ahead of Friday's monthly U.S. payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.
Investors are eager for more data on the labor market after the Federal Reserve last month cut its benchmark interest rate by an unusually large 50 basis points, the first reduction in borrowing costs since 2020. The Cboe Volatility index, Wall Street's fear gauge, rose to 20.49, its highest closing level since Sept. 6.Traders are now pricing in a 35% probability of a 50 basis point cut next month, down from 49% a week ago, the CME Group's (NASDAQ:
But also, he said,"oil prices have moved higher and the port strike can really throw a monkey wrench in things." Declining issues outnumbered advancing ones on the NYSE by a 2.13-to-1 ratio; on Nasdaq, a 1.99-to-1 ratio favored decliners.
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