Stock Market Today: S&P 500 in weekly win despite closing lower on rate jitters

Investing.com-- The S&P 500 closed the week higher despite closing lower Friday following a surge in Treasury yields after a stronger-than-expected jobs report cooled optimism on sooner rather later Federal Reserve rate cuts.rising by 272,000 in May, surging from April’s revised lower 165,000 release. Economists had called for a reading of 182,000.grew by 0.4% month-on-month, rising from 0.2% in April and above projections of 0.

"The FOMC is widely expected to leave policy unchanged next Wednesday," Scotiabank economics said, adding that it expected the Fed to lower its forecast on rate cuts for this to two cuts from three previously."A September cut remains our base case for the first move this year," it added. "We are impressed by the strong performance which reaffirms our belief in the long term setup for durable growth and margin expansion , Truist Securities said in a note, but said that"at current valuations, we cannot justify putting new money to work at current prices.") stock plunged 39% after the video game retailer reported weaker-than-expected first quarter results and said it would sell up to another 75 million shares.

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