S&P hits new 52-week high; Dow, Nasdaq set for weekly gains after mixed data

That sent stocks lower initially, as traders slashed bets on a September . However, indexes pared losses after other data pointed to underlying economic weakness.

The unemployment rate rose more than expected, to 4%, while a survey of U.S. households showed a 408,000 decline in employment. Nonfarm Payroll numbers for April and March were revised lower.

"The bulls, the bears, the doves and the hawks all have something to latch on to... from a market perspective, this perhaps allays some fears about growth moderating too aggressively," said Garrett Melson, portfolio strategist at .

Rate-sensitive real-estate stocks slipped 0.3%, while rose 0.6% to lead sector gains.

All three major indexes were on track for weekly gains, with the set for a weekly rise of 2.6%, its best week in five.

Traders now see a 56% chance of a September rate reduction, according to the 's FedWatch tool.

Fresh U.S. is due next week, just before the ends its two-day policy meeting on June 12. Traders will await updated economic and policy forecasts for further clues on the timing and pace of future cuts.

"No one expects the Fed to cut (rates next week), but will they open the door for a cut as soon as September is the big question on everyone's mind," said Ryan Detrick, chief market strategist at the , adding he still sees a September reduction on the table.

At 12:10 a.m. ET, the was up 67.77 points, or 0.17%, at 38,953.94, the S&P 500 was up 7.30 points, or 0.14%, at 5,360.26, and the Nasdaq Composite was up 4.96 points, or 0.03%, at 17,178.08.

GameStop dropped 22.8% in volatile trading as stock influencer "Roaring Kitty" kicked off his first livestream in three years after the company announced a potential stock offering and a drop in quarterly sales.

Other so-called meme stocks also fell, with AMC Entertainment and Koss Corp down 5.1% and 8.4%, respectively.

AI darling Nvidia slipped 0.8%, on track to extend the previous session's losses, with its valuation again dipping below the $3 trillion mark.

The chipmaker's highly anticipated 10-for-1 share split is due after markets close and could make the more-than-$1,000 stock cheaper for investors.

Lyft shares rose 0.3%, following a forecast of 15% annual growth in its gross bookings through 2027 after markets closed on Thursday.

Declining issues outnumbered advancers by a 2.56-to-1 ratio on the NYSE, and by a 2.03-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and five new lows, while the Nasdaq recorded 29 new highs and 99 new lows.