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Stocks fall after gains for worker wages fan inflation fears

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Wall Street was listless early Friday ahead of the government's monthly jobs report, which could reveal whether the job market has loosened enough to impact the Fed's rate hike decision later this month.

The New York Stock Exchange is seen in New York, Thursday, Feb. 24, 2022. Markets are opening mostly higher on Wall Street Friday after a wild ride a day earlier. The S&P 500 added 0.4% in the early going, following even bigger gains in Europe.

Stocks had been on the upswing for more than a month on hopes that the worst of the nation’s high inflation may have passed already. That fed expectations for the Federal Reserve to ease up on its fusillade of big interest-rate hikes, which are supposed to undercut inflation by slowing the economy and dragging down on prices of stocks and other investments.showed that wages for workers rose 5.1% last month from a year earlier. That’s an acceleration from October’s 4.

“The most important number for the Fed is probably the wage number,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments. The yield on the two-year Treasury jumped to 4.34% from 4.24% late Thursday. The 10-year yield, which helps set rates for mortgages and many other loans, rose to 3.56% from 3.51%.

 

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