Investors eyed the forthcoming non-farm payroll report from the Labor Department on Friday.
"The Fed is signaling a willingness to keep tightening, but markets aren't convinced it will happen as much as the Fed projects," Kathy Jones, chief fixed income strategist for the Schwab Center for Financial Research, wrote in a bond market update. "The gap between the peak rate implied by the dot plot and market expectations has narrowed but hasn't closed."
The three major averages are on their way to a losing week. The S&P 500 is off by about 0.9%, while the Nasdaq is on pace for a 0.8% decline. The Dow is the underperformer of the three, tracking for a 1.4% loss.Stock futures were lower Thursday ahead of non-farm payroll data due out on Friday morning.
Futures tied to the Dow Jones Industrial Average were flat. S&P 500 and Nasdaq 100 futures were both 1% lower. Investors will turn their attention from private jobs data from ADP on Thursday to the Labor Departments non-farm payrolls on Friday. Economists polled by Dow Jones are forecasting an increase of 240,000 positions.
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