S&P 500 Hits All-Time High Before Key Jobs Report: Markets Wrap

Wall Street traders gearing up for Friday’s jobs report got a trio of data that reinforced the view of a cooling labor market, keeping bets on Federal Reserve rate cuts alive while driving stocks and bonds higher.

The latest readings on hiring and unemployment claims came on the eve of data that’s expected to extend the weakest stretch of US job growth since the pandemic. Treasury two-year yields fell to the lowest in about a year. Money markets almost fully priced in a Fed reduction this month and see at least two by year-end. The S&P 500 rose nearly 1% to an all-time high. In late hours, Broadcom Inc. gave an upbeat outlook.