US stocks gained on Thursday as investors digested more weaker-than-expected labor market data that could help set expectations for both interest-rate cut hopes and the health of the US economy.
The S&P 500 (^GSPC) rose 0.4%, while the Dow Jones Industrial Average (^DJI) hugged the flatline. The tech-heavy Nasdaq Composite (^IXIC) rose 1%, amid bumpy trading for all three benchmarks. The gauges finished Wednesday’s volatile session mixed as their sluggish start to September continued.
Private employers in the US posted their smallest monthly hiring growth since January 2021, new data from ADP showed Thursday. Private payrolls grew by about 99,000, well below expectations. Meanwhile, slightly fewer Americans filed a new claim for unemployment benefits last week. On Wednesday, government data showed job openings slumped.
Together, the jobs market data serves as an appetizer for Friday’s jobs report for August, crucial to the Fed’s policy…
