Wall Street’s reaction to the strong December jobs report shows just how much bond yields and interest-rate expectations are driving the stock market these days.
The Dow was down 600 points, or 1.4%, in Friday trading. The S&P 500 was down 1.3%. The Nasdaq Composite slid 1.3%.
The latest jobs report actually painted an upbeat picture of the labor market and an easing in wage growth pressures. A strong economy is bullish for corporate earnings, but market participants are currently laser focused on bond yields and falling rate-cut odds.
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