Stock Markets Prepared to Open High for Friday Trading

The US stock market is high today and may continue to remain high through the weekend thanks to new economic data.

Written by: Timothy St. John • Friday, May 3, 2024 • 2 min read

• Last updated: Friday, May 3, 2024

The stock market received a jolt on Thursday with high numbers on all three indices. The Nasdaq Composite with its tech-heavy focus topped the list.

That index closed with a 1.51% gain over the previous day, while the S&P 500 closed with an increase of 0.91%. The Dow Jones gained 0.85% or 322 points for the day.

What caused the market to do so well after a mostly mild week? The April jobs report came in and posted softer than expected numbers, which may open the way for the Federal Reserve to start cutting interest rates soon. There is some fear that they will not cut rates at all in 2024, which could hurt a number of markets, but imminent cuts could help spur the economy by encouraging spending.

The nonfarm payrolls report showed that 175,000 jobs were added in April, which was significantly less than the 240,000 that were expected. When wage growth is soft like this, it assuages fears about inflation and allows the market to breathe a sigh of relief about wages driving up inflation rates.

Market Expectations for Friday

The last day of trading for the week is likely to be a vigorous one. We expect to see a lot of intense trading off the backs of the week’s earnings reports and due to the soft nonfarm payrolls numbers. Since this will be the last day for the weekend that traders get to buy up stocks, we anticipate a flurry of trading on those stocks that are already showing promise.

Today could be disastrous for stocks already in trouble, like Tesla (TSLA), Microsoft (MSFT), and Ford Motor Company (F), but all three of those stocks are up today from their previous drops. They might surprise us with their recovery.

Watch tech stocks closely that have performed well recently, like Nvidia (NVDA) and Apple (AAPL), as they may surge off the new economic data.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.