Weekly Market Recap, Friday 5-Jul

Stocks were higher this week with the S&P 500 rebounding after snapping a three-week streak of gains last week, while the Nasdaq was higher for a fifth-straight week as both hit fresh-record highs. The key near-term upside narrative this week was more support for a September Fed rate cut after data showed cooling inflation and weaker labor market data. Cooler data this week included Friday's June payrolls report beat, but the prior two months were revised down a combined 111K while the unemployment rate rose for a third-straight month to 4.1%, the highest since November of 2021.