Stock market today: Another rout hits Wall Street, as S&P 500 heads for its worst week in 18 months

NEW YORK — Another rout is hitting Wall Street on Friday, and technology stocks are taking the brunt of it after a jobs report billed as the most important of the year came in mixed.

Fed Chair Jerome Powell has already indicated it’s likely to cut rates for the first time since the 2020 COVID crash. The Fed wants to protect the job market and keep the economy from sliding into a recession after earlier hiking the federal funds rate to a two-decade high to stifle inflation. And even if August’s hiring was weaker than forecast, it was still better than July’s pace, points out Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

While Waller said he thinks a “series of reductions” to rates is appropriate given that a slowing job market now looks like the bigger threat for the economy than high inflation, he also said the ultimate pace and depth of those cuts is still to be determined.

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