US stocks fell on Thursday, as strong jobs data stoked fears that the Federal Reserve will get more aggressive on tightening.
ADP private payrolls rose 497,000 in June, about double what economists expected. That could spell trouble for stocks, as Fed officials have cited an overly hot jobs market as a reason why interest rates could stay elevated. The 10-year Treasury yield jumped above 4%, and the 2-year yield hit 5.120%, the highest since 2007, as markets braced for a higher-for-longer interest rate regime.
Markets are waiting for the Labor Department's June jobs report to be released Friday, and economists expect payroll gains of 225,000, down from 339,000 in May.
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