Stock Market News: S&P 500 gains as monthly pay growth slows

"A lower unemployment rate and weaker average hourly earnings growth is certainly going to get equity market bulls' attention," Seema Shah, chief global strategist at Principal Asset Management, in a note.

"Yet, with the unemployment rate back to the historic low of 3.5%, how realistic is it to expect wage growth to move meaningfully lower? The Fed will likely be skeptical," Shah added."And so, with the record low unemployment rate indicating that there is still so much work ahead of them, Fed policy rates are set to rise above 5% within just a few months and a hard landing looks to be the most likely outcome this year.

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