On the other hand, the reference index S&P 500 has slumped 5% since Fed Chairman Jerome Powell reaffirmed last week the central bank’s determination to raise interest rates despite the slowing economy.
Traders raised their bets for a third consecutive increase of 75 basis points in September to 76.5% from 70% before the data was published.
Labor demand showed no signs of cooling downas data showed US job openings rose to 11.239 million in July.
Hereafter, all eyes are now on Friday’s August Non-Farm Payrolls data.
“Markets are so focused on the Fed that too strong a jobs number on Friday is probably going to scare some people,” said Jeff Buchbinder, chief equity strategist at LPL Financial.
“Equities may rally a bit between now and the end of the year, but in the near term we would expect a bit of choppiness as the market gathers more information on the Fed’s outlook and interest rates,” he added.
In the wheel, technology stocks such as Microsoft Corp, Apple Inc and Nvidia Corp lost between 0.8% and 2.1%.
index CBOE Volatility, also known as the Wall Street Fear Indicator, rose for the third consecutive session and closed at 26.21 points.
Source: Ambito
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