- The stock market rally was choppy on Thursday as stock indexes were mixed ahead of the release of May’s nonfarm payrolls report.
- GameStop shares rose again as Keith Gill’s YouTube account scheduled a live stream on Friday.
- Economists expect U.S. employers added 175,000 jobs last month, roughly the same as April’s figure.
U.S. stocks were shaky on Thursday ahead of the release of key May nonfarm payrolls data that could sway prospects for interest rate cuts after this summer.
Employers are expected to add 175,000 jobs last month, the same as in April. Commentators say there is only a short window during which upcoming employment reports won’t materially change the outlook for rate cuts and spur stock price volatility.
Bank of America said last week that $125,000 to $175,000 would be a moderate level to spark a new rally in the stock market, but a significant drop above or below that range would complicate the Fed’s path to fighting inflation while staving off a recession.
JPMorgan strategists on Thursday laid out three scenarios that could spark a stock market sell-off this summer, one of which would involve a surprise result in the upcoming jobs report.
“The market is subtly shifting from an obsession with inflation data to concern about economic growth in general and the job market in particular,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, said Thursday after the latest jobless claims figures hit a four-week high of 229,000.
GameStop shares surged again in Thursday’s trading session. This latest rally came on the back of renewed activity on Keith Gill’s social media accounts. The retail icon is scheduled to livestream on his YouTube channel on Friday, sending GameStop shares soaring as much as 41%. Fellow meme stock AMC followed suit, rising 12% as the market headed to the close.
Nvidia’s stock price rally stalled after hitting a new record on Wednesday. The chipmaker fell 2% on Thursday after overtaking Apple to become the world’s second-largest company by market capitalization a day earlier.
As of the close of trading at 4 p.m. on Thursday, U.S. stock indexes were as follows:
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