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Stock market today: Stocks slip after jobs report smashes expectations

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Nasdaq Composite News

Unemployment Rate,Keith Gill,Dow Jones Industrial Average

Investors are looking to the monthly jobs report for signs of labor market cooldown pivotal to the odds for a rate cut.

US stocks moved lower Friday after a jobs report seen as pivotal to expectations for interest-rate cuts showed much stronger hiring growth than expected. The S&P 500 fell 0.3%, while the Dow Jones Industrial Average shed 0.2%, coming off a lackluster session Thursday for the three major gauges. The tech-heavy Nasdaq Composite dropped around 0.4%. Investors have lifted stocks on the expectation that further data would suggest an economic cooldown.

The US economy added 272,000 jobs in May, smashing expectations. However, the unemployment rate did tick higher, rising to 4.0%. Read more: How does the labor market affect inflation? Elsewhere in markets, the wait is also on for a livestream apparently promised by GameStop booster Keith Gill, aka "Roaring Kitty." The event, scheduled for noon ET Friday, would be the first live YouTube appearance by Gill since he helped ignite the meme stock rally three years ago.

 

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