US Stocks Near Record Highs as Jobs Report Eases Inflation Fears
The US stock market has reached near-record highs after a recent jobs report showed that employers added 29,000 positions to their payrolls last month. The S&P 500 rose by 0.7 percent, with some indices nearing historical peaks. This data mitigated fears of inflationary pressures and reduced the likelihood of an interest rate hike at the upcoming Federal Reserve meeting.
The report also showed that spring growth outperformed prior estimates, driven by investments in AI data centers and consumer spending. However, American sentiment about inflation and personal finances remains a concern, with some analysts warning of potential rate hikes to curb rising costs.
Nvidia's stock rose 1.3 percent after the company reported strong sales figures, while Tesla's stock surged 4.7 percent following its delivery numbers beating expectations. The 10-year Treasury yield dipped below 5.17 percent before rebounding to 5.28 percent, influencing US stocks to moderate their gains.