Stock Market Today: Stocks Rise After Jobs Data Lifts Rate-Cut Odds
Preliminary data from the Bureau of Labor Statistics shows job growth was lower than previously estimated.


Joey Solitro
Stocks struggled for direction Wednesday as investors digested a dreary update on the labor market. This comes ahead of the annual Jackson Hole Economic Symposium, where Fed Chair Powell will deliver a keynote address on Friday morning.
Amid a relatively light economic calendar, preliminary data from the Bureau of Labor Statistics showed the U.S. added 818,000 fewer jobs than previously expected in the 12 months ending March 2024. This means the U.S. gained an average of 173,000 jobs per month over that time frame vs the previous estimate of 242,000.
At the same time, the downward revision to the labor market data means that productivity, which drives higher living standards, was greater than previously thought.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Also in focus were the minutes from the Federal Reserve's July meeting, where the central bank left interest rates unchanged but Powell noted in his subsequent presser that the committee had discussed a possible September rate cut.
Indeed, according to the minutes, almost all participants were encouraged by recent data showing inflation is easing, and "the vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."
According to CME Group's FedWatch Tool, futures traders are now pricing in a 61.5% chance the Fed will cut interest rates by a quarter-percentage point in September. While this is down from yesterday's 71% probability, the odds of a 50 basis-point cut (0.50%) jumped to 38.5% from 29% one day ago.
Target pops after beat-and-raise quarter
In single-stock news, Target (TGT) shares surged 11.2% after the big box retailer beat top- and bottom-line expectations for its second quarter and raised its full-year profit forecast.
"Discretionary sales continue to improve, with apparel as the biggest standout this quarter," says CFRA Research analyst Arun Sundaram. "Operating margins hit 6.4%, an important milestone on TGT's journey back to 6% full-year operating margins, due to cost savings, mix, and improvements in shrink."
The analyst reiterated his Buy rating on the name, citing TGT's "earnings growth potential and relatively underwhelming valuation."
TJX jumps as consumers seek value
TJX Companies (TJX) stock was another post-earnings winner, gaining 6.1% after the parent company of TJ Maxx, HomeGoods, HomeSense and Sierra beat expectations for its fiscal second quarter and raised its full-year outlook.
"Discount retailers continue to benefit from budget-conscious consumers seeking bargains," says José Torres, senior economist at Interactive Brokers.
Ford shifts EV strategy
Looking outside of the earnings calendar, Ford Motor (F) stock rose 1.5% after the automaker announced that it would shift its electric vehicle (EV) strategy to boost profitability. The plans include canceling its three-row all-electric sports utility vehicle and delaying production of its electric truck to 2027 from 2025.
It's been a rough stretch for Ford stock, which is down about 11% for the year to date on a price basis. UBS Global Research analyst Joseph Spak attributes Ford's struggles to basic fundamental weakness.
"We believe the market still lacks faith in Ford's EV and software strategy, which compounds the higher cash balance and lack of higher cash returns issue as investors are concerned about the return they will see on that cash," Spak says. The analyst has a Neutral rating on F stock, which is the equivalent of a Hold.
Nike nabs longest daily win streak in 17 years
Elsewhere, Nike (NKE) rose 0.5% Wednesday, bringing its daily win streak to 17 – the longest stretch since February 2007. Helping boost the Dow Jones stock was news from earlier this month that Bill Ackman's Pershing Square Capital Management initiated a stake in the footwear and apparel retailer.
According to Brian Mulberry, client portfolio manager at Zacks Investment Management, not only did Ackman scoop up Nike at an attractive valuation, but the position gives the activist investor "a chance to make a positive impression on the future direction of the company."
As for the main indexes, the Dow Jones Industrial Average closed up 0.1% at 40,890, the S&P 500 added 0.4% to 5,620, and the Nasdaq Composite gained 0.6% to 17,918.
Related content
- Japan's Stock Market Crash and Recovery: What Happened and What Investors Can Do
- 529 Plans Get a Boost With Tax-Free Rollovers to Roth IRAs
- What Are the Capital Gains Tax Rates for 2024 vs. 2023?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
- Joey SolitroContributor
-
Investing Freebies: Perks You Get for Owning These Stocks
While the biggest investing returns come over the long term, these companies offer instant gratification for investors with several freebies and perks.
-
Choose a Beneficiary for Your Estate Plan: It's Not 'Duck, Duck, Goose'
Choosing a beneficiary for your 401(k), insurance policy or similar assets is crucial for estate planning. Here is how to do it, and six pitfalls to avoid.
-
Investing Freebies: Perks You Get for Owning These Stocks
While the biggest investing returns come over the long term, these companies offer instant gratification for investors with several freebies and perks.
-
How an Expired Passport Thwarted Blackmail (and What Other Important Documents You Should Keep)
An optometrist produced his expired passport to foil a blackmail attempt by the daughter of a former employee. After proving he was out of the country on the date of a forged diary entry, he took it a step further.
-
Optimize, Grow, Retain: The Power of Annual Client Reviews
Financial advisers can use annual reviews to help enhance client outcomes, strengthen relationships and build their practice.
-
I'm a Real Estate Investing Pro: This Is What Investors Should Know About Truck Stop Investments
Truck stops might seem like good investments, but they can actually be a risky gamble due to unstable fuel prices, unreliable operators and coming changes in transportation. Instead, consider safer options like industrial or residential properties.
-
How Digital Platforms Are Changing the Way You Invest in Gold
Investing in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
Stocks Rise to Start Fed Week: Stock Market Today
The Nasdaq Composite and S&P 500 hit new record closing highs as Wall Street awaits the Fed's next rate cut.
-
Don't Disinherit Your Grandchildren: The Hidden Risks of Retirement Account Beneficiary Forms
Standard retirement account beneficiary forms may not be flexible enough to ensure your money passes to family members according to your wishes. Naming a trust as the contingent beneficiary can help avoid these issues. Here's how.
-
This Is How Life Insurance Can Fund Your Dreams Now
Beyond a death benefit, life insurance can provide significant financial value and flexibility through 'living benefits' while you are still alive, helping with expenses like education, business ventures or retirement.