Wall Street capped a wobbly day of trading with a broad slide for stocks Friday, after a weak jobs report raised questions about the Federal Reserve's timeline to pare back its immense support for markets.
While regulators investigate a spate of Teslas steering themselves into parked vehicles, Tesla owners have been reporting faulty collision-avoidance systems.U.S. stocks moved up and down throughout the day, as did Treasury yields.
Much of Wall Street assumed the job market had improved enough for the Fed to soon begin paring back its monthly purchases of bonds meant to hold down longer-term interest rates. Investors had also pegged the central bank to begin lifting short-term interest rates late next year. Current super-low interest rates have been one of the main forces driving stocks to record heights.
Underneath the surface, the numbers don’t offer much more clarity. The unemployment rate ticked down to 4.8% from 5.1%, and the government revised past months’ hiring numbers higher. But last month’s hiring was still the weakest since December. Average wages also rose a bit faster from August than expected, which helps workers but adds to worries about inflation.
“Earnings season is really going to be the next catalyst for the market to understand where to go through the end of the year,” Hodge said.Do you live among million-dollar homes? These 15 L.A. neighborhoods crossed the $1-million threshold Roughly 3 in 5 companies in the S&P 500 closed lower, with losses in technology and healthcare companies accounting for a big share of the slide. Citrix Systems fell 5.7%, while Bristol-Myers Squibb closed 3% lower. Only energy stocks and banks notched gains.
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