U.S. stocks are retreating as investors worry over mixed signals from the job market. The crux of the debate is whether hiring has slowed enough to spark a Federal Reserve interest-rate cut or too much, raising the specter of a recession.

President Trump has dismissed concerns about a possible recession resulting from ongoing trade wars, assuring the public that “Everything’s OK.” He downplayed economic worries, even as critics argue that his rebuff is merely a “front” in light of conflicting economic indicators.