Weak Jobs Report Impacts Stocks and Bond Yields on Wall Street

Stocks and bond yields have slowed down due to a weak jobs report, causing concerns that the Federal Reserve`s decision to hold rates at a two-decade high is risking a deeper economic slowdown. The S&P 500 experienced its worst reaction to jobs data in almost two years, while the Nasdaq 100 plunged over 10% from its peak. Treasuries rallied for a seventh straight day, with traders projecting the Fed will cut rates by more than a full percentage point in 2024. The latest jobs figures may give officials reason to believe their policies are cooling the labor market too much. Wall Street giants like Citigroup and JPMorgan Chase & Co. are calling for more aggressive Fed action. The VIX hit its highest since March 2023, and