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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Stock market today: Wall Street climbs as S&P 500 closes out fourth-straight winning monthTHIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. Stocks on Wall Street bounced back from a midafternoon fade Friday, leaving the market on pace to close out its fourth-straight winning month with more gains. The S&P 500 was up 0.
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Stock market today: S&P 500, Nasdaq surge as wild week on Wall Street continuesStocks rallied on Thursday as a fresh reading on weekly unemployment claims helped calm recession fears.
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Stock market today: Wall Street wavers in morning trading following worst day in a monthNEW YORK (AP) — Stocks are wavering in morning trading on Wall Street Wednesday, a day after the market’s worst performance in a month. The S&P 500 is mostly unchanged following a 2.1% drop a day earlier.
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