Market Highlights

Strong evidence the US labor market is slowing rippled through Wall Street, driving stocks lower and bonds higher on concern the Federal Reserve will now have to rush to prevent further weakness. The sharp cooling triggered fears about a more pronounced jobs slowdown, sparking a flight to Treasuries, with two-year yields hitting the lowest level since 2022. The data also prompted a fast repricing in money markets, which ended up projecting almost three Fed cuts this year. The yen fell and Japanese stocks advanced after Prime Minister Shigeru Ishiba said on the weekend that he intends to step down.

Wall Street traders gearing up for Friday’s jobs report got a trio of data that reinforced the view of a cooling labor market, keeping bets on Federal Reserve rate cuts alive while driving stocks and bonds higher. The latest readings on hiring and unemployment claims came on the eve of data that’s expected to extend the weakest stretch of US job growth since the pandemic. Treasury two-year yields fell to the lowest in about a year. Money markets almost fully priced in a Fed reduction this month and see at least two by year-end. The S&P 500 hit a record high. In late hours, Broadcom Inc.’s upbeat forecast failed to impress some investors.

Wall Street traders kept piling into bets the Federal Reserve will cut rates in September as weak labor data lifted bonds. Those wagers also propped up stocks, which halted a two-day rout amid a rally in big tech. Just 48 hours ahead of the all-important US payrolls report, a drop in job openings to the lowest in 10 months saw traders almost fully pricing in a Fed cut this month and projecting at least two reductions in 2025. Treasuries bounced after a slide that put the 30-year yield close to 5%. The dollar fell. While most S&P 500 shares actually slipped, Alphabet Inc. hit a record high as Google dodged a sale of Chrome. Apple Inc. plans to launch an AI-powered web search tool for Siri. In late hours, Salesforce Inc. forecast lackluster sales growth

Wall Street kicked off September on a sour note, with stocks joining a slide in bonds amid heavy corporate-debt sales and developed-world budget worries. The dollar rose. Gold hit a record high. US 30-year yields approached 5%, pressuring tech shares whose valuations have widened during a surge from April lows. While the S&P 500 trimmed its losses, almost 400 of its shares fell. All megacaps slipped, with Nvidia Corp. seeing its longest slump since March. In late hours, Alphabet Inc. jumped as a federal judge ruled Google doesn’t have to sell its Chrome web browser. Stocks chalked up a modest rebound as traders tracked the rout in long-dated bonds, fueled by anxiety over inflation and mounting government borrowing. European stocks rose 0.3% after suffering their steepest loss in a month in the previous session. Nasdaq 100 futures gained 0.3% as Alphabet Inc. rallied in extended trading on Tuesday, buoyed by a ruling that Google won’t be forced to sell its Chrome browser. Contracts on the S&P 500 advanced 0.2%.

US stock futures staged a small rebound from a technology-led selloff, setting a steadier tone as a testing month begins with markets near record highs. S&P 500 and Nasdaq 100 contracts advanced 0.2%, with cash trading in US stocks and Treasuries closed for the Labor Day holiday. The dollar was little changed. Europe’s Stoxx 600 rose 0.2%. BAE Systems Plc and Rheinmetall AG led advances in defense shares after the Financial Times reported that Europe is working on detailed plans for potential post- conflict deployments in Ukraine. Asian equities were mixed, with a 19% surge in Alibaba Group Holding Ltd. contrasting with a slump in chipmaking shares.

Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April’s meltdown. The slide came despite inflation data that did little to alter bets on Federal Reserve rate cuts, with short-dated Treasuries outperforming. A rout in the S&P 500’s most-influential group drove the index down from a record at the end of a solid August. The Nasdaq 100 fell 1.2%. The market is bracing for what is known as the weakest month for US shares, as institutional investors rebalance, retail traders slow their buying and volatility picks up. Asian equities were under pressure after a tech selloff hit Wall Street, with chip shares among the biggest losers. Hong Kong was an outlier as Alibaba Group Holding Ltd. surged.

A solid economic reading drove stocks to fresh all-time highs, but Wall Street traders refrained from making big moves before inflation data that could bring more clues on the pace of Federal Reserve rate cuts. Short-dated Treasury yields rose. The dollar fell. Just 24 hours ahead of the release of the Fed’s favored price gauge, data showed the US economy expanded faster than initially estimated, underscoring the resilience of America’s primary growth engine — consumer Spending Stocks drifted lower as traders held back from bold wagers ahead of Friday’s US inflation data that may test current bets on how quickly the Federal Reserve can adjust interest rates lower.

Stocks fell in late hours after Nvidia Corp.’s revenue forecast struggled to clear elevated expectations, weighing on sentiment across the technology sector and testing the strength of the AI-fueled rally that has dominated global markets. A $660 billion exchange-traded fund tracking the S&P 500 dropped, following an advance that drove the equity benchmark to a fresh record on Wednesday. The chipmaker slid 2.5% after projecting fiscalthird-quarter sales of about $54 billion, excluding China data-center revenue. While the outlook matched estimates, it trailed the more optimistic forecasts Stocks shook off an initial drag from Nvidia Corp.’s sales outlook missing lofty expectations, indicating that momentum behind the record-breaking rally remains intact.

The dollar fell and longer-dated Treasury yields rose as President Donald Trump’s push to remove Federal Reserve Governor Lisa Cook fueled concern about central bank independence and inflation risks. Stocks eked out gains before Nvidia Corp.’s results. While the moves were modest in listless summer trading, they underscored growing unease over political interference in monetary policy. That could give Trump another chance to name someone to the Fed board as he repeatedly pressures officials to cut rates Technology shares advanced in Asia before Nvidia Corp.’s earnings as investors awaited the company’s take on chip demand to gauge the sustainability of a global stock rally since April.

A rally that put stocks on the brink of all-time highs sputtered and bond yields rose as euphoria around Federal Reserve rate cuts eased just days ahead of a key inflation reading. While Jerome Powell on Friday signaled a September rate cut is likely amid downside risks to the jobs market, doubts over the pace of those reductions lingered on Wall Street. In addition to officials remaining divided, traders are bracing for a not-so-friendly price reading later this week. The dollar pared most of its losses as Federal Reserve Governor Lisa Cook vowed not to resign, defying President Donald Trump’s move to oust her.