The Unemployment Rate in The United States Has Reached a Two-Year High, Despite Continued Strong Hiring – US Market Wrap

Stocks fell on Wall Street amid speculation that this year’s rally to multiple records has peaked.

Just as investors were grappling with a mixed jobs report, weakness in the S&P 500’s most influential group weighed heavily on trading. The Nasdaq 100 fell 1.5%, while Nvidia snapped a six-day winning streak. Tesla’s decline this week widened to 13%, while Broadcom fell on soft chip sales.

Earlier in the day, the much-anticipated payrolls report showed that the economy continued to add jobs while not raising wages. The figures rekindled hopes that the Federal Reserve will be able to achieve a soft landing, allowing officials to begin easing policy this year without running the risk of doing so prematurely.

Treasury two-year yields fell two basis points to 4.48%, as traders nearly fully priced in a quarter-point Fed rate cut in June. The dollar experienced its longest losing streak since October. Gold reached a new peak. Bitcoin briefly reached $70,000.