Market Retreats as Fed Doubts Swirl: Live Updates

US stocks retreated from their recent rally as doubts emerged about the prospects for a US interest rate cut, with the monthly jobs report looming. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all declined. The retreat comes as analysts warn that the rally in stocks and bonds may be overdone. In other news, Spotify announced its third round of layoffs this year, with plans to cut 17% of its workforce. The streaming giant cited slowed economic growth and increased capital expenses as reasons for the layoffs.