From Investing.com: 2024-06-07 16:14:07

The S&P 500 closed the week higher despite closing lower on Friday due to a surge in Treasury yields after a stronger-than-expected jobs report dampened optimism on imminent rate cuts by the Federal Reserve. Treasury yields rose sharply as the U.S. economy added 272,000 jobs in May, exceeding economists’ projections. This led to concerns about inflation, with earnings also on the rise. Traders lowered their bets on a September rate cut to 45% ahead of the Fed’s meeting next week. GameStop stock slumped 39% after weak first quarter results, while Samsara Inc fell 11% despite reporting positive Q1 results.



Read more at Investing.com: S&P 500 in weekly win despite closing lower on rate jitters By Investing.com