U.S. stocks recovered from early week losses that included a sharp 3% decline on Monday, closing out the week only fractionally lower. The Monday decline was the worst single day decline since September of 2022 and was induced by a disappointing nonfarm payroll report that caused concerns that the Fed may be behind on cutting rates and fears of a hard landing. Several Federal Reserve board members reiterated that they will not overreact to a single economic release but acknowledged that they are looking more closely at labor market conditions.