Stocks lost steam at the start of August, as a rally that pushed the market up about 30% from its lows fueled speculation about a short-term pullback.
Data just a few days before the crucial jobs report suggested some softening in demand for workers in a still-tight labor market. The figures were insufficient to entice investors, who were also dealing with a mixed bag of corporate earnings. The S&P 500 finished the session down only 0.3%. Bond prices fell, with the 30-year yield reaching its highest level since November as the Treasury prepares to increase issuance of longer-dated securities.
