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US stocks edge higher as investor await important March jobs report

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Reuters / Brendan McDermid

  • US stocks traded mixed on Thursday, ending a short week as investors looked to the key March jobs report.
  • The market took stock of weakening jobs data this week in the form of private payrolls and jobless claims. 
  • The Fed has cited a tight labor market as a reason why rates may need to stay higher for longer.

US stocks ticked higher on Thursday as investors waited for the key March jobs report to be released on Friday.

Stocks moved lower in early morning trading, but began to bounce back mid-day, with the S&P 500 and the tech-heavy Nasdaq Composite seesawing into the green.

Investors took stock of payroll data from ADP, which showed 145,000 jobs added last month, below estimates of 210,000. Meanwhile, weekly jobless claims rose in the last week and job openings dipping below 10 million in February for the first time in nearly two years. 

A softening labor market is a signal the Federal Reserve is watching for to know if its year of interest rate hikes is being felt in the real economy.

Markets are pricing in 50-50 odds that the Fed will either pause interest rate increases or issue another 25 basis-point rate rise at their next policy meeting on May 2-3, according to the CME FedWatch Tool.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday: 

Here’s what else is going on: 

In commodities, bonds, and crypto: 

Read the original article on Business Insider
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