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S&P 500, Nasdaq Retreat Ahead of Labour Market Report

The US stock market closed mixed as the weekly unemployment report was released. The S&P 500 and Nasdaq composite closed lower, while the Dow edged slightly higher. Although both the S&P and Nasdaq touched intraday highs earlier, they retreated as technology stocks dipped. The weekly jobless claims report indicated labour market easing, which investors believe could allow the Federal Reserve to begin cutting interest rates. Investors also await the crucial nonfarm payrolls report on June 7. Among individual stocks, American food and beverage manufacturer Smucker's shares surged 4.5%, while American retail chain Big Lots plummeted 18%.

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