By US stocks rose modestly on Wednesday, looking to snap a three-session losing streak for major benchmarks as investors digested newly released labour market data and comments from Federal Reserve officials.
The S&P 500 traded about 0.1% higher, while the Nasdaq Composite also edged up by roughly the same amount.
The Dow Jones Industrial Average outperformed slightly, rising 146 points, or 0.3%.
The gains followed a weak prior session, when markets retreated after fresh economic data raised concerns about the underlying strength of the US economy.
On Tuesday, the S&P 500 slipped 0.2%, while the Dow dropped 302 points, or 0.6%, marking the third consecutive day of declines for both indexes.
Jobs report reveals mixed picture
The market reaction comes after the US Bureau of Labor Statistics released its November employment report early Tuesday, which also included delayed data from October following a federal data backlog caused by the US government shutdown earlier this fall.
The report revealed that the US economy shed 105,000 jobs in October.
November, however, painted a somewhat more reassuring picture, with payrolls increasing by 64,000 jobs.
That figure exceeded the Dow Jones consensus estimate of 45,000, offering some relief after the sharp October contraction.
The mixed data underscored growing uncertainty around the trajectory of the US labour market, with signs of cooling demand for workers alongside pockets of resilience.
Fed in focus
Investor attention also turned to remarks from Federal Reserve officials scheduled throughout the day.
Traders are also positioning ahead of Thursday’s release of the consumer price index for November, a key inflation gauge that could influence expectations for future rate cuts.
In remarks delivered Wednesday, Waller signalled support for further interest-rate reductions, while emphasising that policymakers do not need to move aggressively.
He outlined a scenario in which inflation continues to cool through 2026, allowing the central bank to gradually bring rates closer to neutral.
Waller said monetary policy is currently as much as 100 basis points above neutral — the level at which the Fed is neither restraining economic growth nor fueling inflation.
“Because inflation is still up, we can take our time — there’s no rush to get down,” Waller said in a CNBC forum. “We just can steadily, kind of bring the policy rate down towards neutral.”
The comments marked Waller’s first public remarks since Fed officials delivered a third consecutive interest-rate cut last week.
That decision was notable for drawing three dissents — the first time since 2019 — from policymakers on both the hawkish and dovish ends of the spectrum, underscoring divisions within the rate-setting committee.
The Fed also subtly adjusted the language in its post-meeting statement, signalling greater uncertainty over the timing of future cuts.
Waller, who is reportedly under consideration to become the next Federal Reserve chair, is expected to interview with President Donald Trump later Wednesday. When asked about the meeting, Waller responded that he had heard as much.
He also reiterated his commitment to defending the central bank’s independence from political influence.
“Absolutely. I spent 20 years of my life working on central bank independence and why it was important. There’s no doubt I’ve got a long paper trail of this,” Waller said.
New York Fed President John Williams is slated to speak later on Wednesday.
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