The S&P 500 was 0.1% higher in morning trading, coming off a 1.4% tumble that had sent it to its lowest level in four months. The Dow Jones Industrial Average was down 52 points, or 0.2%, a day after wiping out its gains for the year so far. The Nasdaq composite was 0.4% higher, as of 10:15 a.m. Eastern time.
After already hiking its main interest rate to the highest level since 2001, the Fed has indicated it may keep rates higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer. But "if Friday's report also shows the labor market is cooling, stock investors may worry a little less about indefinitely higher interest rates," said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office.
Prices for crude have been generally charging higher from $70 during the summer following announcements of cuts to production by some oil-producing countries. On Wall Street, Big Tech stocks were helping to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields.
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