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Low Jobs Numbers Turns Market Green | Wall Street Today

Moomoo Recap US wrote a column · May 3 15:33
Low Jobs Numbers Turns Market Green | Wall Street Today
Friday, the market was green. The FOMC no-change decision Wednesday helped start a green wave that Thursday's Apple earnings and Friday's low jobs numbers pushed higher.
For the week, the $S&P 500 Index(.SPX.US)$ grew 0.55%, and +1.26% on Friday. The $Dow Jones Industrial Average(.DJI.US)$ climbed 1.14% for the week, and +1.18% Friday, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 1.43% for the week and 1.99% Friday.
Non-farm payrolls rose 175,000 in April, down from 303,000 previously and below a consensus that had looked for a 238,000 increase, while the unemployment rate rose to 3.9% from 3.8% previously. Consensus was for an unchanged jobless rate.
The $USD(USDindex.FX)$ fell heavily against all major trade partner currencies in early North American trade on Friday after the non-farm payrolls, hourly earnings and unemployment figures all missed expectations for April.
As a weekly rap up, the biggest news came Wednesday when the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates, even though he acknowledged that bringing inflation down to their 2% target remains uncertain.
"I think it's unlikely that the next policy rate move will be a hike," Powell said in the press conference following the announcement. "We need persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation down to 2%. That's not what I think we're seeing, as we mentioned."
At the end of the week, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.81, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell to 4.50.
When it comes to sectors, Consumer Electronics were flying, up 6% compared to the moomoo sector trackers usual sector changes of +-2%. Leading the pack was Koss Corp, +7% and Apple with its dividend boosting earnings report.
Low Jobs Numbers Turns Market Green | Wall Street Today
Crude oil futures fell continuing a month long decline. Gold and silver futures also continued to fall. Bitcoin reversed its fall on Thursday after pulling back from April halving excitement. The price action climbed slightly, leading to a jump in crypto stocks.
Low Jobs Numbers Turns Market Green | Wall Street Today
Friday, $Amgen (AMGN.US)$'s stock soared 17% toward its biggest gain in 15 years, adding more than 220 points to the Dow's price and leading the S&P and Nasdaq 100 after the drug manufacturer posted adjusted earnings above expectations and executives said they are "very encouraged" by preliminary data from a trial of an injectable weight-loss drug 'MariTide.'
$苹果 (AAPL.US)$rose by 7% after the company reported a decline in revenue but still exceeded analysts' projections and announced a $110 billion stock buyback program.
$Cloudflare (NET.US)$ dropped 16% after positive results, with an unchanged 2024 outlook that disappointed most investors. $Expedia (EXPE.US)$ slipped 15% after the company issued lower-than-expected guidance, while its Vrbo segment was a loss leader.
After months of M&A talks, $Paramount Global-B(PARA.US)$ and controlling shareholder Shari Redstone might be going it alone after all, according to a Variety report that sent the stock lower 5%.
WORD FROM THE HEARD: Mooers, what are you watching?
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