Strong evidence the US labor market is slowing rippled through Wall Street, driving stocks lower and bonds higher on concern the Federal Reserve will now have to rush to prevent further weakness.
The sharp cooling triggered fears about a more pronounced jobs slowdown, sparking a flight to Treasuries, with two-year yields hitting the lowest level since 2022. The data also prompted a fast repricing in money markets, which ended up projecting almost three Fed cuts this year.
Wall Street parses jobs data.
Source: Bloomberg
Those prospects were not enough to sustain gains in the S&P 500. After hitting record highs, the gauge lost ...
