Wall Street stocks end slightly higher as weak jobs data supports rate cut

📆 5/6/2024 6:20 am
📰 Reuters

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U.S. stocks ended a shade higher on Tuesday following softer-than-expected labor market data that reaffirmed expectations of an interest rate cut by the Federal Reserve.

Traders work on the floor at the New York Stock Exchange in New York City, U.S., June 3, 2024. REUTERS/Brendan McDermidAxos Financial drops after Hindenburg Research shorts stockNEW YORK, June 4 - in April, signaling an easing in labor market tightness that supported a Fed rate cut this year. The U.S. Treasury yields slipped following the report.

"That has had a total effect of helping the rally in the bond market; but for the stock market, it's a double-edged sword because they're looking for a rate cut announcement, which has a rising probability with weaker data," St. Aubin added. Declining issues outnumbered advancers by a 1.32-to-1 ratio on the NYSE. On the Nasdaq, 1,468 stocks rose and 2,762 fell as declining issues outnumbered advancers by a 1.88-to-1 ratio.

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