Wall Street indexes end up; Nasdaq, S&P 500 hit record highs on payrolls data
Fed rate cut debate in view as U.S. job market cools
S&P 500 tech sector hits record high
Banks down ahead of Q2 results next week
Macy's up on report Arkhouse, Brigade Capital raise buyout offer
Updates with closer at 0400 GMT/2000 hrs GMT
By Ankika Biswas, Lisa Pauline Mattackal and Saeed Azhar
July 5 (Reuters) - Wall Street stock indexes closed firmer on Friday, with thetech-heavy Nasdaq and benchmark S&P 500 hitting record highs, as megacapstocks rallied ondata signalingU.S. labor market weakness and pulled Treasury yields lower.
Microsoft MSFT.O, Meta Platforms META.O, Amazon.com AMZN.O and Apple AAPL.O advanced, pushing the information technology .SPLRCT sector to an all-time high.
S&P 500 communication services .SPLRCL was thetop performing sector, reachingits highest level since 2000.
According to preliminary data, the S&P 500 .SPX gained 29.67 points, or 0.54%, to end at 5,566.69 points, while the Nasdaq Composite .IXIC gained 163.04 points, or 0.90%, to 18,351.34. The Dow Jones Industrial Average .DJI rose 64.78 points, or 0.16%, to 39,372.78.
Labor Department data showed U.S. job growth slowed marginally in June, and the unemployment rate rose to an over 2-1/2-year high, while wage gains slowed.
Investors expect the data could stir more active debate on interest rate cuts when the Federal Reserve meets later this month. Odds of the U.S. central bank easingin September jumped to 79% from 66% seen before the data, CME's FedWatch Tool showed.
"The employment data is not indicative of an imminent recession but supports the soft-landing view," said Jack McIntyre, portfolio manager at Brandywine Global. "This clearly increases the Fed's confidence level that policy rates are too restrictive, and they need to cut."
Data released earlier this week also pointed to the U.S. economy losing steam, helping the S&P 500 and Nasdaq notch record closing highs during Wednesday's holiday-shortened session.
"We're in this kind of stagflation adjacent environment - growth is moderating, inflation is staying where it is for the time being," said Alex McGrath, chief investment officer for NorthEnd Private Wealth.
He said the environment is not great for small caps, which are sensitive to interest rates, but megacap companies are pumping out strong earnings which keep the market strong.
The Russell 2000 Small Cap index is down for the week.
Major banks fell ahead of second-quarter corporate earnings reports starting next Friday.
Higher interest rates and an uncertain economic environment are casting a cloud over U.S. bank earnings.
Bank of America BAC.N, Wells Fargo WFC.N and JPMorgan & Chase JPM.N dropped, pushing the S&P 500 banks index .SPXBK lower.
Macy's M.N on Friday surged after a report said Arkhouse Management and Brigade Capital raised their bid to buy the department store chain for about $6.9 billion.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru and Saeed Azhar in New York; Editing by Saumyadeb Chakrabarty, Shounak Dasgupta, Shinjini Ganguli and Richard Chang
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