Wall Street drifts lower as pressure from the bond market stays high

Wall Street is drifting lower Thursday, as pressure from the bond market remains high due to worries about a too-hot U.S. job market. The Standard & Poor's 500 was 0.4% lower in morning trading, the latest stumble in what's been an ugly run since the start of August. The Dow Jones industrial average was down 31 points, or 0.1%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.6% lower.

The 10-year Treasury is the centerpiece of the bond market, and movements in its yield ripple across the entire economy. Where it's heading in the next three to six months has a wide range of potential outcomes, according to Bruno Braizinha, rates strategist at Bank of America. Braizinha said the yield could drop back to 4% to 4.25% if upcoming reports show the economy weakening enough to undercut inflation but not so much that it causes a sharp recession.

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