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Falling oil prices and rising expectations for interest rate hikes are two factors that have been giving the stock market hiccups as September arrives.
Thursday is the first day of a month that has suddenly become a time when the Fed could hike interest rates. Fed officials, at their Jackson Hole symposium last week, said September was possible for a rate hike, and that has made Friday's August jobs report all the more important because it will be a key input for the Fed's decision.
Thanks to hawkish Fed speak, money has been flowing into the financial sector, which benefits from higher rates, but stocks overall have waffled since Friday. A second factor unsettling the market has been the reversal in oil prices, down more than 5.5 percent this week so far, as supply continues to build and the market has become less convinced that OPEC can reach a deal to curb production. West Texas Intermediate fell 3.6 percent Wednesday to $44.70 per barrel.