Stock market news today: Stocks slip, bond yields rise as rate-cut bets cool | January 3, 2023

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US stocks slid on Wednesday and bond yields rose as optimism for fast interest-rate cuts waned amid fresh jobs data and with the release of Federal Reserve meeting minutes ahead.

The Dow Jones Industrial Average (^DJI) fell 0.6% while the benchmark S&P 500 (^GSPC) slipped about 0.6%. The Nasdaq Composite (^IXIC) dropped roughly 0.9% after a bruising session that saw tech stocks shed almost 1.6%.

Further signs of a cooling US labor market greeted investors on Wednesday. New data from the Bureau of Labor Statistics showed there were 8.79 million job openings at the end of November, the lowest level since March 2021. Economists surveyed by Bloomberg had expected 8.82 million openings.

Hopes that the year-end market rally would roll on into 2024 took a battering on Tuesday as stock indexes and bond prices sank in tandem for their worst start to a year in decades. Bonds are headed lower for a fourth day, pushing the 10-year Treasury yield (^TNX) up near 4%.

Minutes of the Fed's December meeting due later on Wednesday could give a window into how near officials think they are to easing up on tightening, so they can nail a "soft landing" for the economy.


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