US stocks fell on Tuesday to kick off a historically tough month for markets, as attention turned to a week of labor data highlighted by a crucial monthly jobs report. The Dow Jones Industrial Average slid roughly 0.5% on the heels of a winning session booked before the Labor Day break. The S&P 500 dropped 0.6%, while the tech-heavy Nasdaq Composite pulled back 0.8%.
With inflation now cooling, policymakers are on alert for the labor market to fall into place. For investors, the focus is on whether the signs of slowing in the July jobs report were overstated — or an early warning of a broader slowdown. Any hints of stress should put pressure on the Fed to make a bigger reduction in rates. As of early Tuesday, traders were pricing in 31% odds of a 50 basis point cut instead of 25 basis points, per the CME FedWatch Tool.
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