Investing.com: S&P 500 Hits Record High Amid Speculation of Fed Rate Cuts After Jobs Report
The S&P 500 closed at a record high on Friday as investors anticipate Federal Reserve rate cuts following the June jobs report, which indicated a cooling labor market. At 15:43 ET, the S&P gained 0.5% to reach a record high of 5,566.75.
Treasury yields dropped after the June jobs report showed a decrease in job additions, along with downward revisions to previous months. The unemployment rate also rose to 4.1%, strengthening the case for a September rate cut.
Meta Platforms Inc led the rise in big tech, while NVIDIA Corporation stumbled after a downgrade. Tesla stock rose on reports of increased purchases in China.
Macy's stock surged after reports of a potential acquisition deal, while Chinese EV stocks dropped due to new EU tariffs.
Cryptocurrency stocks recovered ground as Bitcoin partially rebounded from losses, despite concerns about a wave of supply from Mt. Gox creditors.
In summary, the markets are reacting to signs of a cooling labor market and speculation of Federal Reserve rate cuts. Tech stocks are performing well, while Chinese EV stocks are facing challenges. Cryptocurrency stocks are also facing uncertainty. Investors should stay informed and be prepared for potential market fluctuations.