Stocks slid on Thursday after better-than-expected jobs data increased investors’ anxiety around the state of the economy and path of interest rates. The Dow tumbled 1.07%. The S&P 500 dropped 0.79%. The Nasdaq shed 0.82%.
Dallas Federal Reserve President Lorie Logan said Thursday she was one of the central bankers who thought it would have been "entirely appropriate" to raise interest rates again at the June meeting.
However, Logan said she went along with the Federal Open Market Committee's final decision not to hike as "it can make sense to skip a meeting and move more gradually.""In this environment, the FOMC needs to make policy more restrictive so we can return inflation to target in a sustainable and timely way," Logan said in prepared remarks for a speech at Columbia University.
Continuing claims edged lower to 1.72 million, as both numbers pointed to a resilient labor market despite the Federal Reserve's rate-hiking campaign.—Jeff Cox10-year Treasury yield jumped above 4%The yield on the 10-year Treasury was last trading at 4.031% after jumping more than 8 basis points. The 2-year Treasury yield was last up by more than 13 basis points to 5.082%.
The monthly total also was the highest since July 2022. May's total was revised lower to 267,000, down 11,000 from the initial estimate.Check out the companies making headlines before the bell:
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