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U.S. stocks end week higher after hotter-than-expected jobs report!

Winson Capital

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发布日期: 2024年6月11日

U.S. equities ended the week higher after a hotter-than-expected jobs report was released on Thursday. The S&P climbed 1.31% to close at 17,133.13 while the Dow finished 0.29% higher to reach 38,798.99. Tech-heavy Nasdaq jumped 2.37% on the week to close at 17,133.13 amid A.I. chip giant Nvidia’s momentous week. Wall Street’s chip darling rose 10% on the week and notched a new record high on Thursday after surging past the $3 trillion market cap mark a day earlier. Meanwhile, Japan’s Nikkei gained 0.5% to 38,683.93 and Hong Kong’s Hang Seng jumped 1.58% to 18,366.95.

The U.S.’s much-anticipated jobs report was stronger than expected, with non-farm payrolls growing 272k in May. Average hourly wages gained 0.4% last month and were up 4.1% from a year earlier. Unemployment jumped higher to 4%. Investors were betting on weaker job numbers to push the Federal Reserve to slash rates later this year. Now, the market “would like some clarity not see the Fed have to wait until December or January to begin cutting rates,” Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute, told Reuters.

Meanwhile, IBM’s vice chairman and former National Economic Council Director Gary Cohn told CNBC that “we should all be happy that we’ve got a strong economy. At the end of the day, it’s all about the economy, it’s all about GDP growth, GDP corporate earnings, the health of the consumer, [and] that’s going to win out all of the time in the long run.” Brent Kenwell at eToro told Bloomberg that the jobs report “may lower rate-cut expectations. But... a strong labour market is hardly a bad thing—especially for an economy so dependent on consumer spending.”