The stock market remains resilient, recovering from disappointing labor market data with notable gains in major averages. Nvidia has reclaimed its title as the most valuable company, reaching a market cap of $3.45 trillion, surpassing Microsoft. This comes as private payroll growth slumped to a mere 37,000 jobs in May, falling well below forecasts. This significant slowdown raises concerns about the economy and increases President Trump's pressure on the Federal Reserve to lower interest rates to support growth amid stagnant wage trends.
Private sector hiring in May added only 37,000 jobs which missed expectations significantly, maintaining pressure on the Federal Reserve to consider rate adjustments.
Despite disappointing job creation data, markets are showing resilience with major averages climbing higher, illustrating optimism amid economic uncertainty.
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