Wall Street stocks close slightly lower; jobs data strong but rates still high
Nonfarm Payrolls data exceeds estimates
GameStop slides as 'Roaring Kitty' returns to YouTube
Nvidia dips with market cap back below $3 trillion
Lyft gains after forecasting annual growth in bookings
Updates to 4:10 PM
By Chibuike Oguh
NEW YORK, June 7 (Reuters) -Wall Street stocks ended slightly lower onFriday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped.
The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast, according to a Labor Department report. The unemployment rate inched up to 4%.
The benchmark S&P 500 .SPX slipped immediately after the report while U.S Treasury yields climbed as traders slashed bets on a September rate reduction. The index recovered and briefly hit a fresh intraday record high as investors noted the data pointed to underlying economic health.
It finished slightly lower, with the utilities .SPLRCU, materials .SPLRCM, and communication services .SPLRCL stocks among the biggest drag. Financials .SPSY and technology .SPLRCT advanced ahead of others.
For the week, the S&P 500 gained 1.32%, Nasdaq rose 2.38%, and the Dow added 0.29%.
"This tells you there's certainly not going to a cut in the short term, and with the bond yields going back up it's putting a lot of pressure on the risk-on trade, which is probably small caps," said Sandy Villere, portfolio manager at Villere & Co in New Orleans.
"It's just a function of interest rates and maybe a little higher for longer, and people have to recalibrate for that type of environment," he added.
Traders now see a 56% chance of a September rate reduction, according to the CME's FedWatch tool. Investors will eye U.S. inflation data next week and the Federal Reserve's two-day policy meeting, which ends on June 12.
"No one expects the Fed to cut (rates next week), but will they open the door for a cut as soon as September is the big question on everyone's mind," said Ryan Detrick, chief market strategist at the Carson Group, adding he still sees a September reduction on the table.
The Dow Jones Industrial Average .DJI fell 87.18 points, or 0.22%, to 38,798.99, the S&P 500 .SPX lost 5.97 points, or 0.11%, to 5,346.99 and the Nasdaq Composite .IXIC lost 39.99 points, or 0.23%, to 17,133.13.
GameStop GME.N slumped 39% involatile trading just as stock influencer "Roaring Kitty" kicked off his first livestream in three years. The gaming retailer had announced a potential stock offering and a drop in quarterly sales.
Other so-called meme stocks, includingAMC Entertainment AMC.N and Koss Corp KOSS.O, fell 15.1% and 17.4%, respectively.
Nvidia NVDA.O slipped, on track to extend the previous session's losses, with its valuation again dipping below the $3 trillion mark.
Lyft LYFT.O shares rose 0.6%, following a forecast of 15% annual growth in its gross bookings through 2027 after markets closed on Thursday.
Declining issues outnumbered advancers by a 2.72-to-1 ratio on the NYSE. On the Nasdaq, 1,177 stocks rose and 3,064 fell as declining issues outnumbered advancers by a 2.6-to-1 ratio.
The S&P 500 posted 17 new 52-week highs and 5 new lows while the Nasdaq Composite recorded 34 new highs and 149 new lows.
Total volume of shares traded across U.S. exchanges was about 10.75 billion, compared with the 12.7 billion average over
the last 20 trading days.
The Fed's broad projection range The Fed's broad projection range https://reut.rs/3UMkU7m
Reporting by Chibuike Oguh in New York; additional reporting by Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by Pooja Desai and David Gregorio
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.