Stocks fluctuate following better-than-expected jobs report

US stocks wobbled on Friday as investors digested a stronger-than-expected jobs report that could impact interest-rate cuts. The S&P 500 and Dow Jones Industrial Average saw modest gains, while the Nasdaq Composite remained flat.

The Labor Department’s May jobs report revealed that the US economy added 272,000 jobs, surpassing expectations. However, the unemployment rate ticked up to 4.0%, raising concerns about the central bank’s fight against inflation.

Meanwhile, GameStop shares experienced volatility following a livestream by retail trader Keith Gill, also known as “Roaring Kitty.” Gill expressed confidence in the company’s management, particularly highlighting chairman and CEO Ryan Cohen. GameStop’s stock dropped 35% after the retailer announced a stock sale and reported declining sales in the first quarter.

In other market news, Nvidia completed a 10-for-1 stock split, with its shares losing momentum amid increasing short bets against the company. The tech giant briefly reached a $3 trillion valuation earlier in the week.

Overall, the jobs report served as a “Rorschach blot” for market observers, with mixed interpretations on its implications for interest rates. While the strong payrolls growth may delay rate cuts, the uptick in unemployment could signal a moderation in inflation, potentially leading to rate reductions in the future. Investors are closely monitoring these developments as they navigate the shifting economic landscape.