US stocks erased early session gains on Thursday as investors digested more weaker-than-expected labor market data that could help set expectations for both interest rate cut hopes and the health of the US economy. The S&P 500 dipped as much as 0.6%, while the Dow Jones Industrial Average fell more than 300 points, or around 0.9%. The tech-heavy Nasdaq Composite erased early morning gains to slip 0.1%.
Together, the jobs market data serves as an appetizer for Friday's main-course jobs report for August, crucial to the Fed's policy decision making and closely watched amid hopes for a "Goldilocks" economy. The market is torn between conflicting impulses as data releases paint a downbeat picture of the economy. Recent soft readings make the case for deeper rate cuts.
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