Jobs data pointing to a hotter-than-expected labor market sent stocks lower today
After a modest day of trading, the major indexes finished lower across the board, succumbing to a jobs data underscoring a red-hot labor market, and the subsequent boost in bond yields. Despite the choppy price action today, the Dow, S&P 500, and Nasdaq all logged weekly wins, the former hitting another record peak today and the tech-heavy latter logging its best week since April 26.
Continue reading for more on today's market, including:
5 Things to Know Today
- Another new age has approached in technology, this time in the form of personalized ads on the back of seats for United Airlines (UAL) flyers. (CNBC)
- Per the Federal Reserve, consumer credit grew at an annual rate of 1.5% for April, a recovery from last month's fall. (MarketWatch)
- Bull signal says ETF is ripe for a June rally.
- GameStop stock let investors down today.
- All eyes are on the Federal Reserve next week.
Gold, Oil Sink Nearly 2% for the Week
Fed worries and jobs data sent oil futures barely lower for Friday's session. July-dated West Intermediate (WTI) crude dropped 2 cents, or 0.1%, to close at $75.53 per barrel on the day and off 1.9% for the week, black gold's third consecutive week in the red.
Gold fared no better, falling to its worst close in nearly a month on the back of strong jobs data and China central bank updates. The June-dated commodity closed down $65.90, or 2.8%, to settle at $2,323.80 an ounce for the day and 1.9% lower on the week.