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Stock market today: US stocks trade mixed ahead of key May jobs report

Max Adams   

Stock market today: US stocks trade mixed ahead of key May jobs report
  • The stock market rally wobbled on Thursday as indexes traded mixed ahead of the May nonfarm payroll report.
  • Shares of GameStop rallied again after Keith Gill's YouTube account scheduled a livestream for Friday.

US stocks wavered on Thursday ahead of an important nonfarm payroll report for May that could determine the outlook for interest rate cuts this summer and beyond.

Expectations are for employers to have added 175,000 jobs last month, in line with April's reading. Commentators have said that there's a narrow window for coming employment reports to not drastically alter the outlook for rate cuts and spark volatility in stocks.

Bank of America said last week that a reading of 125,000-175,000 would be a Goldilocks zone that could kickstart a fresh rally in the stock market. Significantly above or below that range however would complicate the Federal Reserve's path to fighting inflation while keeping a recession at bay.

On Thursday, JPMorgan strategists laid out the three scenarios that could catalyze a sell-off in stocks this summer, one of which surprise in any upcoming employment report.

"There's been a subtle shift in markets away from obsessing over the inflation data, to worrying a bit more about economic growth in general, and the job market in particular," Chris Zaccarelli, CIO for Independent Advisor Alliance, said Thursday following the latest jobless claims figures, which rose to a four-week high of 229,000.

Shares of GameStop spiked again in Thursday's trading session. The latest rally came after another flurry of activity on Keith Gill's social media accounts. The retail-trading icon scheduled a live stream on his YouTube channel for Friday, helping to send GameStop stock as much as 41% higher. Fellow meme stock AMC joined in, rising 12% as the market headed into the close.

Nvidia's rally stalled after is set fresh records on Wednesday. The chip maker tumbled 2% Thursday after it shot past Apple to become the world's second most valuable company a day earlier.

Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:

Here's what else is going on today:




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