S&P 500, Nasdaq fall as yields rally on hot labor market data

A trader works on the floor of the New York Stock Exchange in New York City, U.S., February 17, 2023. REUTERS/Brendan McDermidWeekly jobless claims fall more than expectedMarch 2 - The benchmark S&P 500 and the tech-heavy Nasdaq fell on Thursday as the 10-year Treasury yield surged above 4% following hotter-than-expected labor market data, while Tesla sank after it gave few details on its affordable electric vehicle.

The number of Americans filing new unemployment claims fell again last week, according to a Labor Department

Anything that's good for the average guy - rising wages, low unemployment, is bad for the market. Got it.

Err.. Wanna check again? 🤡

Until the plunge protection pump we just witnessed over the past hour.

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