Morning Bid: Stocks calmed as action switches to rates, jobs

U.S. stocks look to have weathered the early September squall for now but interest rate speculation and ebbing bond yields now take center stage as evidence mounts of slowing U.S. labor market.

As a week of big labor market readouts unfold, the reasons for heightened easing speculation are clear. "As inflation falls, we've got a real rate of interest that's rising into a slowing economy; that's a basic recipe for over-tightening," Daly said in an interview.Atlanta Fed boss Raphael Bostic said he was now giving equal attention to the Fed's maximum employment mandate as he is to inflation. "We must not maintain a restrictive policy stance for too long," he said.

And so awaiting the rest of week's big reports, Wall Street stock indexes steadied on Wednesday after the early week selloff - with futures marginally in the red before today's bell and global stocks slightly lower too.The dollar index was also lower, with the getting a slight lift from upbeat German industry orders data for July that lifted the manufacturing gloom somewhat.

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