- A surprising late-day reversal lifted US stocks, as investors await Friday's jobs report to see how hawkish the Fed will be. Recent data indicated a resilient US economy, which boosted sentiment later in the day.
- After falling for the majority of the session, the S&P 500 ended its losing streak on Thursday. The Nasdaq 100 dropped and finished the day flat. Treasuries fell during a selloff, resulting in the highest two-year yield in nearly 15 years. The dollar reached a record high on speculation that the latest data will force the Fed to raise rates by three-quarters of a percentage point at its meeting later this month.
- Several Fed officials have recently reiterated their promise to remain aggressive in controlling inflation, putting an end to any expectations of a dovish pivot following July's inflation reading. This week's labor-market and manufacturing data also pointed to a resilient US economy, bolstering the central bank's resolve. However, some investors took advantage of recent market dislocations, bolstered by positive data.
