What to watch today: Wall Street set to drop after a strong Fed-driven relief rally

What to watch today: Wall Street set to drop after a strong Fed-driven relief rally

BY THE NUMBERS dropped Thursday, one day after a strong -driven relief rally pushed Wall Street higher for a third straight session. The rose 932 points, or 2.8%, as Fed Chairman took a future 75 basis point interest rate increase off the table. The gained nearly 3%. The added about 3.2%. (CNBC) Investors on Wednesday took the Fed's in stride, suggesting that they, at least for now, were more convinced the central bank can tame inflation without causing an economic recession. (CNBC) The on Thursday , trading around 2.95%. The benchmark yield crossed 3% on Monday, its highest level since late 2018. It also traded above that mark again on Wednesday morning ahead of the conclusion of the Fed's two-day May meeting. (CNBC) * (CNBC) * The government on Thursday reported rose more than expected to 200,000. Friday brings the government's April employment report, and traders will see whether Powell's assertion that "the labor market has continued to strengthen and is extremely tight" holds up. (CNBC) in the first quarter, more than expected and the , according to the latest reading from the government. Unit labor costs at nonfarm businesses increased a greater than expected 11.6% in the first quarter.