The S&P 500 and the Nasdaq 100 dropped after rising as much as 0.7% and 1.3%, respectively. Treasuries wavered, with the two-year yield falling to around 3.43% while the 10-year yield fluctuated.
Investors have been scouring incoming data for clues on the Fed’s path after central bank officials said they’d continue to be aggressive to tamp down on inflation. While job openings data on Tuesday underscored the persistent tightness in the labor market, revamped ADPon Wednesday showed US companies increased headcount at a relatively sluggish pace in August. All eyes will be on the job report on Friday for further policy clues.
“What’s clear is that predicting this market is not clean cut,” Angeline Newman, a managing director at UBS Global Wealth Management, said on Bloomberg Television. “We are living in a world where conflicting economic signals are making the path of monetary policy very difficult to determine.” The Fed has now ditched its soft landing goal and is instead aiming for a “growth recession,” which would mean a protracted period of meager growth and rising unemployment.in more than two years — hampered by the likelihood of slower global growth.
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