The main U.S. equity indexes struggled for direction on Wednesday, with a better-than-forecast employment situation during the first month of the new year dashing hope the Federal Reserve will cut interest rates sooner rather than later. Stocks closed slightly lower, while bonds suggest Fed Chair Jerome Powell's steady-as-she-goes narrative will carry at least through May.
The January jobs report showed U.S. payrolls expanded by 130,000 and exceeded a Wall Street consensus forecast of 55,000. The unemployment rate declined to 4.3% from 4.4% in December.
