Stocks Slide, Yields Climb as Strong Jobs Data Damps Rate Cut Hopes
• Stocks fell and bond yields rose after strong labor market data signaled interest rate cuts may not happen soon
• Higher oil prices and Treasury yields weighed on stocks, with chipmakers sliding after production issues at Intel and Taiwan Semiconductor
• Atlanta Fed President Bostic said rate cuts may not be appropriate until Q4, emphasizing bumpy inflation progress
• Traders have been burned trying to anticipate Fed pivot to easing as sticky inflation leads policymakers to maintain higher rates
• Corporate highlights Disney poised to defeat Nelson Peltz in proxy battle; Blue Owl buying Kuvare Asset Management; earnings beats from Cal-Maine Foods and others