Concerns regarding the potential downsides of a too-hot job market are tempering enthusiasm on Wall Street, overshadowing significant gains for Big Tech stocks, reported Stan Choe for the Associated Press (AP).
![](https://static.wixstatic.com/media/1c4fd3_07ba0561f3f547858afaa3c64973143f~mv2.png/v1/fill/w_49,h_26,al_c,q_85,usm_0.66_1.00_0.01,blur_2,enc_auto/1c4fd3_07ba0561f3f547858afaa3c64973143f~mv2.png)
Leaps for Meta Platforms and Amazon, two influential stocks in the market, propelled the S&P 500 index 0.3% higher in morning trading. I Photo: hermtvoita flickr
Leaps for Meta Platforms and Amazon, two influential stocks in the market, propelled the S&P 500 index 0.3% higher in morning trading.
They also drove the Nasdaq composite up 0.8% as of 10:20 a.m. Eastern time. However, the Dow Jones Industrial Average, which has less emphasis on tech, declined by 116 points or 0.3%.
Stocks faced pressure from higher yields in the bond market following a report showing that US employers hired many more workers last month than economists had anticipated.
While the strength is beneficial for workers and helps stave off the risk of a recession, there is concern that it could maintain upward pressure on inflation. Consequently, there may be a prolonged wait for the Federal Reserve to begin cutting interest rates, as reported by Yuri Kageyama and Matt Ott for AP.