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On Tuesday, the stock market sold off on fears of a hard landing. On Wednesday, the market rallied on better-than-expected earnings reports from Nike and FedEx and better-than-expected consumer confidence.
Today, the market sold off on news that the labor market remains tight, raising fears of higher-for-longer Fed rate hiking. On the other hand, the Index of Leading Economic Indicators, released today, was very weak. After the close yesterday, Micron announced it would reduce its headcount by about 10% in 2023, in the latest example of a technology industry slowdown weighing on employment.
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