Martial Law And Jobs Reports – US Market Wrap

A rally that drove stocks to a series of all-time highs showed signs of exhaustion, with investors awaiting this week’s key jobs report and Jerome Powell’s remarks for clues on whether Federal Reserve officials will cut interest rates in December.

Wall Street traders also refrained from making riskier bets amid intense volatility in South Korean assets as President Yoon Suk Yeol said he will lift a martial law decree, just hours after his dramatic move imposing it. US equities struggled to make headway, following an over $11 trillion surge in the S&P 500 this year that drove the gauge near overbought levels. With a negligible gain on Tuesday, the index notched its 55th record in 2024.

Just a few days ahead of the US payrolls report, data showed job openings picked up while layoffs eased, suggesting demand for workers is stabilizing. Fed Bank of San Francisco President Mary Daly said a rate cut this month isn’t certain, but remains on the table.