U.S. stocks ended Monday with a whimper, closing mostly flat as investors braced for this week's congressional testimony from Federal Reserve Chair Jerome Powell and employment data
BCA Research in New York who will keep a close watch on February's U.S. non-farm payrolls report, due out Friday.
"People are worried about the jobs number and the economic data because they're worried about what the Fed will do. Ultimately all roads lead to the Fed." And with potential Fed rate hikes their key concern, Monday's data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago.
Traders work on the floor of the New York Stock Exchange in New York City, U.S., March 2, 2023. REUTERS/Brendan McDermid "The market pullback was because there is still a lot of work to do on inflation," said Cruz. "We're not seeing the type of demand slowdown we need to see. The whole point of the Fed hiking rates is to slow down the economy."
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