U.S. stock markets close mixed on Friday ahead of the jobs report

NEW YORK (Xinhua), June 6 – U.S. stock markets ended Thursday mixed as traders awaited a major U.S. report due to be released Friday.

The Dow Jones Industrial Average rose by 78.84 point, or 0.20 percent to 38,886.17. S&P 500 fell 1.07 points or 0.02 percent to 5,352.96. The Nasdaq composite index fell 14.78 points or 0.09 percent to 17,173.12, a retreat from its previous all-time high.

Consumer discretionary and Energy were the two biggest gainers, with 0.97 percent and 0.55%, respectively. Utility and industrials were the biggest losers, with 1.03 percent and 0.60%, respectively.

The yields on U.S. Treasury bonds fell for the sixth consecutive session. This is the longest decline in rates over a period of more than a month, and comes amid increasing concerns about U.S. economy weakness. As of 4:25 pm EDT, the 10-year and 30-year yields were 4.285 and 4.432 respectively. As of Thursday, the six-day decline streak is the longest since April 5-6 2023.

Wall Street awaits Friday’s report on nonfarm payrolls for May. Investors are looking for signs of a weakening labour market, which could justify a rate cut by the Federal Reserve. Dow Jones polled economists who predicted a gain in jobs of 190,000.

Ross Mayfield is an investment strategy analyst with Baird. He said, “To me the market still says the economy is fine, and that it is not printing anything recessionary.” But it may be that the Fed is already too tight and it will be difficult to stop the momentum once the job market cools.

The report comes after the European Central Bank cut its rate on Thursday. It was the first time since 2019. This has put pressure on the Federal Reserve, which could potentially change its policy. Fed rates are expected to remain unchanged at its meeting next Monday, but expectations of a September rate cut have increased.

Lululemon, the company, gained 4.8 per cent after surpassing expectations during its first fiscal quarter. Five Below, meanwhile, dropped 10.6 percent as a result of disappointing results and a lackluster outlook. Nvidia, a chipmaker, fell by 1.18 %, cooling from record highs set earlier in the week.

GameStop’s shares surged once again on Thursday. They rose 47.45 per cent after Roaring Kitty showed signs of life for the first three years. The account associated with meme-stock inventor Keith Gill announced a Friday noon Eastern livestream. AMC Entertainment saw a similar jump of 12.4 percent.

Related Articles