“What happens to claims and the labor market will also help determine whether the forthcoming ‘landing’ is soft or hard,” said Alex Pelle, U.S. economist at Mizuho Securities.
A soft landing is the ideal Fed policy goal after raising interest rates, a situation in which inflation slows but there are not enough job losses to trigger a recession.
Global equities surged on Friday following U.S. jobs data that showed a jump in the workforce and easing wage growth. This, along with data pointing to a U.S. service sector contraction, was interpreted by investors as an indication the Fed could become less hawkish.
On Wall Street, the Dow Jones Industrial Average fell 112.96 points, or 0.34%, to 33,517.65, the S&P 500 lost 2.99 points, or 0.08%, to 3,892.09 and the Nasdaq Composite added 66.36 points, or 0.63%, to 10,635.65.
MSCI’s gauge of stocks across the globe gained 0.71% after being up as much as 1.5% earlier in the day.
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