Traders work on the floor at the New York Stock Exchange in New York City, U.S., June 3, 2024. REUTERS/Brendan McDermidAxos Financial drops after Hindenburg Research shorts stockNEW YORK, June 4 - in April, signaling an easing in labor market tightness that supported a Fed rate cut this year. The U.S. Treasury yields slipped following the report.
"That has had a total effect of helping the rally in the bond market; but for the stock market, it's a double-edged sword because they're looking for a rate cut announcement, which has a rising probability with weaker data," St. Aubin added. Declining issues outnumbered advancers by a 1.32-to-1 ratio on the NYSE. On the Nasdaq, 1,468 stocks rose and 2,762 fell as declining issues outnumbered advancers by a 1.88-to-1 ratio.
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