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The first prediction-markets Super Bowl just happened — and it didn't disappoint.
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Unemployment among college grads age 22 to 27 rose to 5.6%. The problem: Too many degrees, not enough skills.
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Treasuries Fall as China Banks Asked to Limit Bond Holdings Yahoo FinanceMarkets AM Need to Know: China on U.S. Treasury, dollar and Trump's approval ratings, and more (SP500:) Seeking AlphaChina might be beginning to back away from U.S. debt as investors get nervy about over-exposure to American assets FortuneTreasuries, dollar dip as China warns on US bonds: Markets wrap The Boston Globe
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The S&P 500's tech sector has seen the smallest increase of any group in its price-to-earnings ratio relative to its 10-year average, DataTrek found.
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Investors are on edge about the January jobs report after an anxious week on Wall Street — but the survey is likely to tell them more about the past than the future of a fragile U.S. labor market.
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It was a choppy start to the short trading week, with stocks spending time in both positive and negative territory Tuesday. Bears gained the upper hand in the afternoon, though, with the three major indexes ending another day in the red.
SEE MORE The ESG Investing Backlash
Although this week's economic calendar is fairly thin, data from the Institute for Supply Management (ISM) this morning showed that activity in the services sector ticked up to 56.9% in August - the highest level since April - from July's 56.7%.
"This is the most recent piece of data to suggest the economy remains resilient and as such the market takeaway is that this gives the Fed more room to continue raising rates," says Michael Reinking, senior market strategist for the New York Stock Exchange. "Futures markets are now pricing in a 75% chance of a 75 basis-point hike later this month from a coin flip late last week." A basis point is one-one hundredth of a percentage point.
In reaction to today's ISM data, the 10-year Treasury yield rose to its loftiest level since mid-June. This, in turn, weighed on shares in the communication services (-1.3%) and technology (-0.6%) sectors, with names such as streaming giant Netflix (NFLX, -3.4%) and chipmaker Intel (INTC, -2.8%) seeing notable declines.
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As for the major indexes, the tech-heavy Nasdaq Composite fell 0.7% to 11,544, its seventh straight loss.
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