S&P 500 and Nasdaq extend winning streaks, reaching new record highs. US stocks rise despite slowing job growth, sparking rate cut speculation. Gold prices surge, oil futures dip but score weekly wins.
U.S. equities continued their upward trend on Friday, with the S&P 500 and Nasdaq closing at new record highs for the fourth consecutive session. The Nasdaq jumped 0.9% to 18,352.76, while the S&P 500 climbed 0.5% to 5,567.19. The Dow rose 0.2% to 39,375.87, marking a 0.7% increase for the week.
Market Sentiment Boosted by June Hiring Data
The latest labor market data showed a slowdown in U.S. hiring in June, with non-farm payroll employment increasing by 206,000 jobs, compared to estimates of 190,000. The unemployment rate rose to 4.1% from 4.0% in May, marking the third consecutive monthly increase.
Treasury Yields Fall Amid Rate Cut Speculation
Treasury yields declined following the release of the jobs report, fueling speculation about a potential rate cut in September. The Labor Department’s upcoming reports on consumer and producer prices in June will be closely watched, along with congressional testimony by Fed Chair Jerome Powell.
S&P 500 and Nasdaq Log Longest Weekly Win Streaks
The S&P 500 and Nasdaq have extended their weekly win streaks, with the S&P 500 adding 1.7% for the day and 3.2% for the week, while the Nasdaq gained 2.1% for the session and 3% for the week. The Dow Jones Average rose 1.3% for the day and 2.9% for the week. (Video by Yahoo Finance)
Gold Prices Score Fourth-Straight Weekly Win
Gold prices edged higher, extending their win streak for a fourth consecutive week, the longest since December. December-dated gold rose 0.5% to close at $1,815.50 an ounce, adding 1.3% for the week.
Oil Futures Lower but Score 3.5% Weekly Win
Oil futures fell 2.4% to settle at $92.09 per barrel but still notched a 3.5% weekly win. Reports of supply disruptions in the Gulf of Mexico weighed on the commodity, but traders became less worried about a potential recession hurting demand.