U.S. Stocks Slip as Economic Growth Worries Mount: Markets Wrap
- Fed’s Clarida sees 2023 rate increase, 2021 taper announcement
- ADP employment report disappoints ahead of Friday jobs data
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U.S. equities slumped after the vice-chair of the Federal Reserve suggested rates could rise by 2023 and mixed economic data for July showed U.S. companies adding far fewer jobs than expected.
The yield on the 10-year U.S. Treasury note rose to 1.17%, gold pared back a more than 1% increase, and the dollar was stronger after initial weakness.