US stocks rallied after a labor market report showed moderating wage growth in May, indicating the Federal Reserve may skip a rate hike in two weeks, while investors welcomed a Washington deal that avoided a catastrophic debt default
Data shows jobless rate at 3.7% in May; wage growth moderatesMaterials lead S&P sector gains, Nvidia slips again
The jump in the unemployment rate from a 53-year low of 3.4% in April reflected a drop in household employment and a rise in the overall workforce. A bigger labor pool is easing pressure on businesses to raise wages and helping decelerate inflation. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation.
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