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The highly anticipated May jobs report reinforced the idea that pulling back rates from their two-decade high likely won’t come until the Fall.
The US economy added 272,000 jobs in May, smashing expectations. However, the unemployment rate did tick higher, rising to 4.0%.
Elsewhere in markets, GameStop (GME) booster Keith Gill, aka "Roaring Kitty," live streamed his latest thinking on the video game retailer, saying that he believes in the leadership of the company.
Gill confirmed that his positions in GameStop are his and that he is not working with institutional investors. The event marked his first live YouTube appearance since he helped ignite the meme stock rally three years ago. But his event wasn’t enough to send the stock in a positive direction. GameStop shares closed down nearly 40%.
The completion of Nvidia’s (NVDA) 10-for-1 stock split is expected after the market closes. A midweek rally briefly vaulted the AI chipmaker to a $3 trillion valuation, but its shares have lost steam as short bets against the company pile up.
Investors will be eyeing the results of the Fed’s policy meeting next week. While the market expects no rate change announcements after the June huddle, the release of the "dot plot" will indicate how many rate cuts central bankers predict will come in the months and years ahead.
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