Stocks fell and bonds rose as traders weighed mixed readings on the labor market for clues on the Federal Reserve’s next steps.
Just 24 hours ahead of the highly anticipated US payrolls report, data showed US companies added the fewest jobs since the start of 2021. Meanwhile, the weekly jobless claims figures came below estimates.
This coming Friday, the August jobs report is expected to show payrolls in the world’s largest economy increased by about 165,000. While above the modest 114,000 gain in July, average payrolls growth over the most recent three months would ease to a little more than 150,000 — the smallest since the start of 2021.
“We could have another quiet day as investors wait to see tomorrow morning’ employment report,” said Matt Maley at Miller Tabak. “Given the impact last month’s employment report had on the markets, we wouldn’t blame investors at all for sitting on …