S&P 500 Retreats from Record High as Jobs Data Sparks Volatility

The S&P 500 concluded Friday’s session in negative territory, relinquishing early gains that had propelled the benchmark index to a fresh all-time peak of 6,533 points. The index finished at 6,481.50, marking a daily decline of 20.58 points. This pullback represented a wave of profit-taking that emerged directly at the moment of the bulls’ greatest triumph.

Market volatility was primarily triggered by the latest US employment report, which revealed a weaker-than-anticipated labor market. The unemployment rate climbed to 4.3%, significantly exceeding forecasts. This development immediately fueled market speculation, with bets increasing for a potential 50-basis-point interest rate cut by the Federal Reserve at its September 17th meeting.

Bond markets reacted swiftly to the shifting expectations. The yield on the 10-year Read more...