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S&P 500 Index Opens Higher Despite Disappointing NFP Report

  • The major Wall Street indices are trading in positive territory on Friday.
  • Tech stocks post strong gains after the opening bell.
  • US non-farm payrolls increased 559,000 in May from 650,000 expected.

The major stock indices in the US They started the last day of the week in positive territory despite the uninspiring May jobs report. At time of writing, the Dow Jones Industrial Average was up 0.3% on the day at 34,670, the Nasdaq Composite was up 0.82% at 13,640, and the S&P 500 was up 0.45% at 4,211.

The US Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 559,000 in May. Although this reading disappointed the market’s expectation of 650,000, investors appear to be evaluating it as a factor that would allow the Fed to delay talks on cutting funds.

Among the top 11 sectors in the S&P 500, the risk-sensitive tech index is up 1.25% on the day. On the other hand, the financial index is posting small losses after the opening bell, pressured by a 2% drop in the yield on 10-year US Treasuries.

S&P 500 chart (daily)

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