Skip to content

Stocks Drop in Countdown to Fed as Rally Sputters: Markets Wrap

  • Job openings post surprise increase, keeping pressure on Fed
  • Manufacturing nears stagnation, price gauge at two-year low
Bloomberg business news
WATCH: Todd Jablonski of Principal Asset Management says he expects the strong dollar trend will continue at least into mid to early 2023Source: Bloomberg
Updated on

Stocks finished lower as data showing a solid US labor market bolstered speculation that Federal Reserve policy could remain aggressively tight even with the threat of a recession.

At a time when good news is considered bad news when it comes to policy conjectures, the S&P 500 wiped out a rally as the figures highlighted an unexpected rebound in US job openings, which may keep the pressure on the Fed. It was the 26th time in 2022 that the equity gauge erased a gain or loss of at least 1% in one session -- the most for any year since the financial crisis.