- Stocks recovered from their session lows but struggled to rise much further as data showing a strong US labor market fueled speculation that the Federal Reserve could maintain aggressively tight monetary policy despite the threat of an economic recession.
- At a time when good news is considered bad news when it comes to policy speculation, the S&P 500 erased its advance as figures revealed an unexpected rebound in US job openings, which may keep the Fed under pressure. The equity gauge erased a gain or loss of at least 1% in one session for the 26th time in 2022, the most for any year since the financial crisis.
- Big tech once again weighed on equities, with Apple Inc. falling nearly 2% and Amazon reaching its lowest level since 2020. Facebook parent meta jumped. Following its best month in 46 years, the Dow Jones Industrial Average traded near a resistance level that had previously stymied the index's rally attempts. Two-year US yields, which are more sensitive to upcoming Fed moves, have risen.
- The figures come ahead of Friday's monthly jobs report, which is expected to show that employers added about 196,000 workers to payrolls in October. Economists predict that the unemployment rate will rise to 3.6%, and that average hourly earnings will rise again.
