Stocks cut some losses in afternoon trading after dropping on the back of labor data as investors looked to the upcoming Federal Reserve meeting. The Dow gained 0.10%. The S&P 500 shed 0.12%. The Nasdaq was down 0.18%.
Materials, industrials, consumer staples and health care turned positive and helped theMaterials was performing the best of the index's 11 sectors, gaining 1%. Industrials, consumer staples and health care followed in line, trading up 0.4%, 0.2% and 0.1%, respectively,
He said the data may initially "spook" investors because it could point to the economy not contracting enough. But Doty said Fed Chair Jerome Powell and the rest of the central bank understand that Congress has a role to play in encouraging work as strength in wages can be tied to the labor shortage.
The bank downgraded shares of Blackstone to equal weight from overweight. It also cut the stock's price target to $90 from $98, now implying an upside of nearly 6%.
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