Stocks Hit by Jobs in Worst Week Since March 2023: Markets Wrap
- Jobs missed forecasts in August as prior months revised down
- Three-month payroll growth slows to lowest since mid-2020
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Stocks saw their worst week since March 2023 and bonds whipsawed as another disappointing US jobs report revived concerns the economy is cooling and the Federal Reserve is moving too slow to rescue it.
The S&P 500 dropped 1.7% and the Nasdaq 100 slumped 2.7% as data showed US payroll additions were 23,000 short of forecasts in August. Treasury two-year yields slipped as much as 15 basis points — before paring the move. At the same time, Wall Street bets on a half-point Fed reduction this month faded again — after briefly gaining momentum when Fed Governor Christopher Waller said he’s “open-minded” about the potential for a bigger cut.