US stocks fell for the second day straight while Treasury yields spiked after surprisingly strong private hiring data. Traders are next to turning to Friday payroll numbers to gauge the Federal Reserve’s next move.
The S&P 500 and Nasdaq 100 benchmarks notched losses on Thursday after ADP Research Institute numbers showed US companies added the most jobs in over a year in June, underscoring the ongoing strength of the labor market. Swap contracts linked to future policy decisions almost fully priced in a quarter-point increase by July 26 and showed a growing likelihood of an additional hike by year end.