Strong May Jobs Beat Eases Fed Tightening Fears for S&P 500

U.S. nonfarm payrolls surged 172,000 in May, far exceeding the 85,000 consensus and following an upwardly revised 179,000 in April, lowering immediate rate-hike odds after last week's hawkish Fed signals. The jobs report capped a week of mixed data that began with April construction spending rising 0.4% and the personal saving rate falling to 2.6%, alongside sticky core PCE at 3.3% YoY. Manufacturing PMI hit a four-year high of 54% before a composite revision to 51.5 and a 4.8% factory-orders beat, yet Dallas Fed President Logan's warning of potentially insufficiently restrictive policy had weighed on sentiment until the robust employment print.