US stocks creep lower; yields spike on strong job growth
The S&P 500 fell 0.1% to end the week after May’s US job report showed employment grew by much more than anticipated.
10-year Treasury yields rose nearly 15 basis points in the aftermath of the release, while traders pushed back the timing for expected rate cuts by the Federal Reserve. The iShares 20+ Year Treasury Bond ETF slumped 1.8%, its worst day since April 10 (when a surprisingly hot US CPI inflation report was released).
Financials was the top-performing sector, followed by Tech. Utilities continue to retreat, down 1.1%. Utilities have been the worst performing S&P 500 sector ETF for three straight days, the longest such streak since September.
Higher yields also hurt the iShares US Home Construction ETF which fell 1.8% to close at its lowest level since mid-February.
It was a jam-packed day for GameStop. Prior to the market open, management pre-released quarterly results. They also announced plans to sell another 75 million shares to raise cash off its meme stock status ahead of the eagerly anticipated YouTube livestream by Keith Gill.
It was a case of “better late than never,” as the livestream failed to rouse retail traders into another round of buying. Gill, who said he’s acting alone in his big bet on the brick and mortar retailer, has a thesis that’s not nearly as fleshed out as his initial iteration from almost four years ago. The stock closed down 39%.
