Tuesday was a tough day for stocks, with the three major indexes ending lower by more than 1%.
indicated the labor market is still strong and bond yields marched higher. The Dow lost 1.3%, notching its worst session since March. TheThose losses pulled the Dow into the red on the year: It's now off 0.4%. The S&P 500 and Nasdaq are up more than 10% and 24%, respectively, for 2023."Interest rates are the primary driver of equity performance today and have been for the better part of two months," said Ross Mayfield, investment strategy analyst at Baird.
The August job openings survey, issued Tuesday, showed 9.6 million vacancies in the month, notably higher than the consensus estimate of 8.8 million from economists polled by Dow Jones. That indication of continued strength in the labor market concerned investors hoping the Federal Reserve is near the end of its interest rate-hiking cycle.
The labor market remains a focus of investors through the end of the week. Before the all-important jobs data due Friday, investors will parse private payroll data from ADP due Wednesday before the bellTraders will also watch for economic data on purchasing and housing orders slated for Wednesday.as speaker on Tuesday, marking the first time in history the legislative chamber ousted its leader in a no-confidence vote.Stock futures traded near flat Tuesday night.
Dow futures slipped just around 0.1% shortly after 6 p.m. ET, while S&P 500 and Nasdaq 100 futures were both marginally below flat.
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