Stock market today: Dow slips as jobs gains deliver big blow to Fed pause bets By Investing.com

*STOCKS END WEEK LOWER AS STRONG JOBS DATA DELIVERS BIG BLOW TO FED PAUSE BETS

517,000 jobs last month, well above economists’ estimates of 185,000. Average hourly earnings slowed to 4.4% in January from the prior month, but were above estimates of 4.3%. The unemployment rate fell to 3.4%, the lowest level since May 1969.

“We now make another 25bp hike at the March FOMC our base case, raising the peak fed funds rate this cycle to 4.875%, with more upside risk if labor market data continue to move from strength to strength,” Morgan Stanley, ditching its estimate for a Fed pause next month. Consumer stocks led the broader market lower, pressured by a 8% slump in Amazon.com Inc after the e-commerce giant reported fourth quarter earnings that missed on the bottom line and softer guidance for Q1 amid growth in its cloud business.

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