Traders on Guard Hoping for ‘Just Right’ Jobs Data: Markets Wrap
- Bullard plays down credit crunch, reiterates inflation fight
- Jobless claims show emerging cracks in a strong labor market
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Wall Street remained unwilling to commit to significant positioning ahead of Friday’s key jobs report, with stocks eking out gains, bonds trading mixed and the dollar barely budging.
Big tech led a rebound in equities, which also got a respite after Federal Reserve Bank of St. Louis President James Bullard said he doesn’t think tighter credit conditions stemming from the recent banking turmoil will tip the economy into recession. Still, uncertainties on whether the payrolls data will show inflation is cooling or fuel economic worries put many traders on hold.