Stocks and bonds lost steam on the eve of the US jobs report that will help shape the outlook for the Federal Reserve‘s next steps. Equities retreated from their all-time highs as traders refrained from making any big bets ahead of the data. A 22V Research survey shows there’s no consensus about the market reaction – with 36% of the investors polled betting on a “risk-off” move, 33% saying “risk-on”, and 31% “negligible/mixed.”
Treasuries joined a slide in global bonds as the European Central Bank raised inflation forecasts after delivering a rate cut.
In the run-up to the US payrolls report, Wall Street waded through a slew of data. Jobless claims topped estimates, US labor costs increased by less than previously reported and the trade deficit widened. Friday’s monthly data is expected to show the US added 185,000 jobs in May while the unemployment rate held steady.
The S&P 500 edged lower after notching its 25th record in 2024. US…
