S&P 500 Falls Below 200-Hour MA After Strong May Jobs Report

The S&P 500 closed at 7383.73 on June 5, slipping below its 200-hour moving average after a stronger-than-expected US jobs report triggered a broad risk-off move. Earlier in the week, equities had extended gains, with the index posting a fresh record close up 0.4% on June 4 as President Trump’s Middle East peace comments drove WTI crude down to $93.11. The reversal came after May nonfarm payrolls rose 172k versus 85k expected, with prior months revised higher by 93k, lifting the 2-year yield 10 bp to 4.15% and sending gold down $147.