Another hot reading on job market sends Wall Street lower

NEW YORK (AP) — Stocks are opening broadly lower on Wall Street and Treasury yields are rising after another hot reading on the job market raised worries that the Federal Reserve will need to continue inflicting pain on the economy in order to fight inflation. The S&P 500 was down 1.2% in the early going Thursday, as was the Dow Jones Industrial Average. The Nasdaq dropped 1.4%. The pullback came after payroll company ADP reported a bigger-than-expected increase in jobs at private companies last month. The continued strength in the job market makes the Fed’s job of reining in inflation more difficult by putting upward pressure on wages.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Markets appeared to be slow in gaining traction early Thursday ahead of more jobs data that’s expected to show continued strength in the U.S. labor market.

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