Business Maverick: Stocks Trade Off Lows in Bumpy Session Before Jobs: Markets Wrap

The S&P 500 trimmed a slide that approached 1% and was driven by Federal Reserve officials sounding unequivocally committed to their goal of crushing inflation with rate hikes. Mixed economic data didn’t do much to help sentiment, withdata showing some signs of moderation in a labor market that still remains quite strong.

Friday’s monthly jobs report is expected to show that employers added 260,000 payrolls last month. The unemployment rate is seen holding at 3.7%, which is just above a five-decade low. The US central bank has not finished the task of bringing inflation down and isHis Cleveland counterpart Loretta Mester noted the US is in an unacceptably high inflation environment.

“The market needs to see the Fed start to accomplish the goals of 1) Declining inflation pressures, 2) A more balanced labor market and 3) A moderation of economic growth before we can credibly hope a Fed pivot is coming, and tomorrow’s jobs report will be one of the first major data points that can help further that hope ,” wrote Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.

“We’ve seen this movie time and time again,” said Greg Peters, co-chief investment officer at the Newark-based firm, in an interview. “The market gets hyped up on different narratives between inflation releases. I’ve been surprised by it, and we’ve been using it as an opportunity to sell into.” With the economy likely to slow down next year, tech stocks and US equities are looking more attractive, according to Citigroup Inc. strategists led by Robert Buckland. They expect 18% returns for global stocks by the end of 2023 but warn

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