Today's Stocks: U.S. Stock Indices Slide as Traders Await Fed Remarks on Strong U.S. Employment Data

• U.S. stocks slipped Wednesday as traders accepted strong private-sector payrolls data.

• Investors are waiting for Fed officials to comment on the path of rate cuts this year.

• Atlanta Fed matron Raphael Bostic warned that he thinks there will only be one rate cut by the end of 2024.

U.S. stocks were lower Wednesday as investors focused on private employment data and waited for more comments from the Federal Reserve on the prospects for rate cuts this year. All three major stock indexes were lower in morning trading, while Treasury yields were higher.

ADP data showed that private sector hiring rose more than expected last month, with 184,000 workers hired. This was higher than the 155,000 private sector hires expected by Dow Jones economists in March, suggesting that hiring remained strong despite the Fed's interest rate hike.

The strong job market raises the risk that the Fed may keep interest rates higher for longer, as central bankers look to cool the economy before easing monetary policy.

Fed chief Jerome Powell and other central bankers are scheduled to speak on Wednesday, and investors are now waiting for them to provide more guidance on the way forward for rate cuts.

Atlanta Fed President Raphael Bostic resonance (Raphael Bostic) in the early morning speech has cast a hawkish tone on the path of rate cuts in 2024, he said in an interview with CNBC, he believes that the end of 2024 will be only one rate cut.

"If the economy develops as I expect, and GDP, unemployment and inflation continue to be strong this year, I think it would be appropriate for us ...... to begin cutting rates at the end of this year, in the fourth quarter," Bostic resonated.

For now, the central bank still expects to cut rates by 75 basis points in 2024. However, according to the CME FedWatch tool, investors see a 46% chance of a rate cut from the central bank, down from 16% a month ago.

Here's what the U.S. stock indexes are doing not long after the 9:30 a.m. opening bell on Wednesday:

• Standard & Poor's 500indices::5204.79 points, down 0.1 per cent.

• Dow Jones Industrial Average39,180.55 points, up 0.03% (10 points)

• Nasdaq Resonanceindices16,200.21 points, down 0.3 percent

What else happened today?

• Top economist Mark Zandi says generous corporate profits help avoid layoffs and recessions.

• Tesla's sales were poor, but still good enough to take the lead in the electric car market from BYD.

Commodities, bonds and cryptocurrency:

• West Texas Kerosene Intermediate crude climbed 0.62% to $85.68 a barrel. International benchmark Brent crude jumped 0.74% to $89.58 a barrel.

• Gold fell 0.21% to $2,275.69 an ounce.

• The 10-year Treasury yield rose 4 basis points to 4.413%.

• Bitcoin rises 1.23% to $65,700.

Read the original article on Business Insider