The latest leg of a surge in so-called 'meme stocks' stood out on Wall Street on Wednesday, with the main stock indexes rising slightly ahead of closely watched economic data this week.
A weekly unemployment report and May private payrolls data on Thursday will be followed by monthly jobs numbers on Friday.
Investors are closely tracking the labor market's recovery after an unexpected slowdown in jobs growth in April fanned inflation worries. The benchmark S&P 500 has recovered most of its losses following a more than 4% pullback in mid-May on fears over rising prices and a subsequent tightening of policy from the Federal Reserve. The index is now just about 1% from its peak.
The blue-chip Dow and the tech-heavy Nasdaq are about 1.5% and 3.0% from their respective all-time highs. "The speed of the economic recovery has caused some dislocations and makes it hard for investors to get a proper hold on whether the inflationary patterns are transient or persistent," said Rob Sechan, managing partner and co-founder of NewEdge Wealth.The S&P 500 slipped after three straight days of gains on Tuesday as losses in healthcare and technology stocks offset gains in economically sensitive financials and energy sectors after upbeat U.S. factory activity data.
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