Why a Stock Market Obsessed With the Fed’s Inflation Fight Should Focus on Main Street Jobs in 2023

Fortunes on Wall Street this year could hinge less on what’s happening to high-paid workers in San Francisco’s reeling technology sector and more on a familiar part of American life: the working class.

Investors wondering if it’s time to buy battered stocks have seen hopeful signs in U.S. costs of living receding from their highest level in 40 years. Bulls got another shot in the arm Friday after a robust jobs report for December also showed slowing wage growth.