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Stock market today: Stocks mixed, bond yields jump following hotter-than-expected jobs report

NEW YORK (AP) — Stocks are mixed on Wall Street and Treasury yields are sharply higher Friday after the government released a jobs report whose headline numbers came in hotter than expected but still showed some signs of moderating.

The report suggests that markets may have to wait even longer for interest rate cuts from the Federal Reserve.

The S&P 500 was drifting between small gains and losses Friday. The Dow Jones Industrial Average rose 40 points, or 0.1%, and the Nasdaq composite fell 0.2% as of 11:10 a.m. Eastern.

U.S. employers added 272,000 jobs in May, up from April and greater than economists expected. The report also showed the unemployment rate rising for a second straight month. Overall, it signals continued strength in the jobs market, with some minor signs of weakening. The strong jobs market has supported consumer spending and the broader economy, but it has also been complicating the Federal Reserve’s path ahead for interest rates.

The yield on the 10-year Treasury jumped to 4.43% from 4.29% just before the jobs report was released. The two-year yield, which more closely tracks expectations for the Fed, jumped to 4.86% from 4.74% prior to the report’s release.

Wall Street is hoping for at least one cut to the Fed’s benchmark interest rate before the year ends. The central bank raised its interest rate to its highest level in more than two decades in an attempt to cool inflation to its target of 2%. However, inflation has been stubbornly hovering around 3% after dropping sharply over the last two years. A strong economy could keep fueling prices.

“To those who are worried about inflation, especially the Federal Reserve, the report should raise concerns that wage pressure and sticky inflation is more likely to persist than be transitory,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

A cooldown for the economy can drive inflation lower and prompt the Fed to deliver the cuts to interest rates that traders desire so much. The danger is if the slowdown for the economy overshoots and turns into a recession, which would ultimately hurt stock prices.

Economic data from earlier in the week had hinted that the economy