Bond yields saw a significant increase after the release of the May jobs report, which showed stronger-than-expected job growth. Despite this, major stock indexes managed to recover from losses, showcasing resilience in the market.
Stocks like Nike, Travelers, and Nvidia were among the top gainers in the market, with Nvidia announcing a stock split later in the day. GameStop experienced a sharp decline after announcing a share offering, but managed to bounce back from its lows. Small caps also saw a recovery, despite the rise in Treasury yields.
Chubb stood out as a strong performer in the S&P 500, while declining stocks outnumbered advancers on the Nasdaq and NYSE. The labor department’s report on job growth in May exceeded expectations, with wage growth also showing strength.
Bitcoin continued its upward trend, while gold stocks faced selling pressure. MoneyLion and Dick’s Sporting Goods showed positive signs in the market, while Sweetgreen reached new highs before reversing lower. Restaurant stocks remained an area of strength.
Overall, the market displayed a mix of volatility and resilience, with various stocks reacting differently to economic data and corporate announcements. Investors should stay informed and monitor market trends for potential opportunities.
