S&P 500, Nasdaq Close at Record Highs After Jobs Report Brings Hopes for Fed Rate Cuts | Wall Street Today
The S&P 500, Nasdaq ended the week at all-time highs, with traders looking past signals of Friday’s jobs report to focus on prospects for Federal Reserve rate cuts.
The $Nasdaq Composite Index(.IXIC.US$ gained 0.90% to cloase at 18,352.76, and the $S&P 500 Index(.SPX.US$ rose 0.5%. The $Dow Jones Industrial Average(.DJI.US$ was up 0.17%, or 67.87 points, ending at 39,375.87.
MACRO
Friday’s Nonfarm payrolls rose by 206,000 and job growth in the prior two months was revised down by 111,000, the Bureau of Labor Statistics said Friday. The median forecast in a Bloomberg survey of economists called for a 190,000 increase.
The unemployment rate rose to 4.1% as more people entered the labor force, and average hourly earnings cooled.
SECTORS
Oil posted its fourth straight weekly advance, with declining US stockpiles and Hurricane Beryl extending crude’s early-summer rally.
West Texas Intermediate fell to settle near $83 a barrel on Friday, but still cemented a 2% weekly advance. The American benchmark hasn’t risen for four consecutive weeks since August 2023.
MOOVERS
New Street Research analyst Pierre Ferragu downgraded $NVIDIA(NVDA.US$ shares to neutral from buy in an industry report that he dubbed a “health check” on artificial-intelligence stocks. The stock fell 1.9% Friday.
Shares of $Advanced Micro Devices(AMD.US$ rose 4.9% after New Street Research analyst Pierre Ferragu remain bullish on the other AI names in his coverage universe with particular preference for shares of Taiwan Semiconductor Manufacturing and AMD.
$Macy's(M.US$’s stock rallied 9.5% Friday on a report that Arkhouse Management and Brigade Capital Management have raised their offer for the retailer by around $300 million, according to a Wall Street Journal article.
$Koss Corp(KOSS.US$ stock jumped 25.6%% on Friday to $15.35 after Keith Gill, also known as Roaring Kitty, had hinted at buying Koss through an old social media post that included an American flag emoji with a microphone in the middle.
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Malik ritduan : ok
webguybob : Bummer about the Nvidia analysis. I'm still going to hold my buys from last year and the split this year.