Overview
- The Dow slipped 0.07% while the S&P 500 edged up 0.11% and the Nasdaq gained 0.22%, leaving major indexes roughly 1% from all-time highs.
- CME FedWatch implies an 87% probability the Federal Reserve cuts rates by 25 basis points at next week’s meeting.
- Fresh labor signals showed ADP private payrolls declining by 32,000 and initial jobless claims falling to 191,000, the lowest in over three years, with announced 2025 job cuts totaling about 1.17 million so far.
- Bond yields rose as the U.S. 10-year reached about 4.11% and Japan’s 10-year hit 1.941%, its highest since 2007 following comments from BOJ Governor Kazuo Ueda.
- Seven of 11 S&P 500 sectors fell with consumer staples lagging and industrials leading, while Dollar General rallied on a higher sales outlook and Kroger slid after posting a quarterly loss.