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Stock market today: The S&P 500 holds near record as jobs data lands

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Nasdaq Composite,Labor Market,Federal Reserve

Investors are looking to the June jobs report for signs of more softening in the labor market that could lay the ground for rate cuts.

US stocks held near all-time highs on Friday as investors weighed the June jobs report, which will play into Federal Reserve rate cut calculations. The S&P 500 slipped just below the flatline, on heels of the report, after notching a record close in a shortened session on Wednesday. The Dow Jones Industrial Average fell 0.2%, while the tech-heavy Nasdaq Composite gained 0.3%. All three gauges were shuttered on Thursday for the Fourth of July holiday.

Traders are now pricing in a 75% chance of a cut in September, according to CME's FedWatch tool. The 10-year Treasury yield nudged lower to 4.31% during morning trading, continuing a slide for the week. Investors are puzzling over Friday's jobs data to decide whether slowing monthly job growth reflects a normalization in the labor market as it shakes off the pandemic, or marks the early signs of a broader economic slowdown.

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