Stocks fluctuated as investors awaited US jobs data with concerns over potential Fed rate cut.

From Yahoo Finance: 2024-09-05 17:55:14

Stocks fluctuated as investors awaited US jobs data to determine the size of a potential Fed rate cut. S&P 500 closed lower despite tech rally, while Treasury yields dropped slightly. Traders pricing in over 100 basis points of Fed easing this year. US services grew modestly, job additions slowed, and unemployment claims missed estimates. Nvidia climbed, Tesla surged, and Broadcom sank. ADP private employment suggests a soft payroll for August. Investors cautious ahead of Friday’s data, predicting a “Goldilocks” scenario for equity bulls. Market reaction to the jobs report uncertain; many expect a 25 basis-point Fed cut. Economic concerns persist amid mixed data. ADP report showing correlation to non-farm payrolls improve. JetBlue raises sales forecast, Verizon focuses on debt repayment after Frontier acquisition, and Paramount Global to be controlled by Larry Ellison’s group. Key events this week include Eurozone GDP and US nonfarm payrolls. Stock markets slightly lower, dollar weaker, while cryptocurrencies and commodities show mixed movement.

Read more at Yahoo Finance: Stocks Fall as Jobs Leave ‘Little Room for Error’: Markets Wrap