Stocks slipped and Treasury yields rose sharply Friday after the government released a jobs report whose headline numbers came in hotter than expected. Overall, the report suggests markets may have to wait even longer for interest rate cuts from the Federal Reserve, per the AP:
- The Dow fell 87.18 points, or 0.2%, to 38,798.99.
- The S&P 500 fell 5.97 points, or 0.1%, to 5,346.99.
- The Nasdaq fell 39.99 points, or 0.2%, to 17,133.13.
GameStop, the troubled video game retailer at the center of the meme stock craze, slumped 39.4% after reporting another quarterly loss and saying it planned to sell up to 75 million more shares.
US employers added 272,000 jobs in May, up from April and greater than economists expected. The report also showed the unemployment rate rising for a second straight month. Overall, it signals continued strength in the jobs market, with minor signs of weakening. The strong jobs market has supported consumer spending and the broader economy, but it has also been complicating the Federal Reserve's path ahead for interest rates.
The yield on the 10-year Treasury jumped to 4.43% from 4.29% just before the jobs report was released. The two-year yield, which more closely tracks expectations for the Fed, jumped to 4.89% from 4.74% prior to the report's release.
Next week: Updates on prices at the wholesale and consumer levels will be closely watched by both investors and the Fed to get a clearer view of inflation's path. Fed officials are expected to hold interest rates steady at their meeting; after the jobs report came out, investors took even more bets off the table that the Fed would cut rates at its July meeting, according to data from CME Group. (More stock market stories.)
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