Wall Street wrapped up the week on a high note Friday after the May jobs report delivered a Goldilocks reading — strong enough to show economic resilience but not so hot as to alarm the Federal Reserve. Nonfarm payrolls came in at 178,000, slightly below expectations, while the unemployment rate held steady at 4.1%. Wage growth ticked modestly lower year-over-year, giving bond markets room to breathe. The 10-year Treasury yield dipped to 4.31% as rate-cut hopes for later in 2026 were quietly rekindled.
Technology led the charge, with Nvidia jumping over 4% on news that a major hyperscaler is dramatically expanding its AI data center footprint. The move reaffirmed investor conviction that the AI capex cycle remains very much alive. Mega-cap peers Apple, Microsoft, and Meta also logged solid gains, pulling the Nasdaq above the 19,300 level for the first time in several weeks.
Energy stocks were mixed as crude oil edged higher to $74.80 a barrel after OPEC+ reaffirmed its current production schedule. Gold retreated slightly from recent highs but held above $2,400, suggesting investors aren't completely abandoning safe-haven positioning heading into the weekend.
The VIX settled at 16.4, reflecting a calm but watchful market. With the S&P 500 now sitting just under 6,100, bulls will be eyeing a potential breakout to fresh all-time highs next week if macro data continues to cooperate.