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The threat of regional war compounded fears that the Federal Reserve would not cut interest rates as much as previously expected, with focus now on the release of key US jobs data later in the day.
U.S. stock indexes were set for a higher open on Friday after stronger-than-expected March jobs data pointed to resilience in the labor market even as it meant the Federal Reserve would be in no rush...
Stocks fell Friday and oil extended the previous day's surge on worries that Israel's war with Hamas could widen to a regional conflict with Iran as both sides ratcheted up
Barkin said companies are reluctant to layoff workers even with consumption showing signs of moderating because the experience of the ultra-tight job market in the early months of the pandemic remain fresh in employers' minds. Shortly before Barkin spoke, the Labor Department had reported that a greater-than-expected 303,000 jobs had been created in March - the most since last May - and that the unemployment rate had dropped to 3.8% from 3.9%.
Investors are increasingly uncertain about what the Federal Reserve plans to do this year as they absorb hot economic data and mixed commentary from some central bank officials.