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U.S. stock and bond investors face a big employment report this week, after returning from the Labor Day weekend to kick off September trading.
The U.S. jobs report, scheduled to be released Friday, will be “huge” from a market’s perspective, said Victoria Fernandez, chief market strategist at Crossmark Global Investments, in an interview. She said the report on jobs growth and the unemployment rate in August, has the potential to move stocks and bonds.
July employment data, released in early August, had rocked the stock market as it was softer than Wall Street expected and showed the unemployment rate rose to 4.3%. However, U.S. stocks have bounced back from their recent slump, with the Dow Jones Industrial Average logging a fresh record high Friday while the S&P 500 ended 0.3% below its all-time peak notched July 16.
“The overall economy continues to look pretty strong,” said Bob Elliott, co-founder, chief executive officer, and chief investment officer of Unlimited Funds, by phone. But “the jury is still out on whether we’re going to get a ‘no landing,’ a soft landing, or a hard landing.”
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