Wall Street Rallies on Stronger-Than-Expected U.S. Jobs Report
The session’s biggest gainers included Nvidia (NASDAQ:NVDA), up 2.36%, and Microsoft (NASDAQ:MSFT), rising 2.28%.
Quick overview
- New York's stock indices continued their rally, with the Dow Jones rising 0.94% following strong U.S. employment data.
- The April jobs report showed a steady unemployment rate of 4.2% and an addition of 177,000 jobs, exceeding expectations.
- Market sentiment improved due to positive comments from China regarding tariff negotiations, despite declines in Apple and Amazon shares.
- Industrials, financials, and healthcare sectors led the gains, while materials was the only sector to experience a slight decline.
New York’s main stock indices extended their early-month rally on Friday after stronger-than-expected U.S. employment data raised expectations that the Federal Reserve may need to reassess its strategy in the upcoming meeting.
The New York Stock Exchange opened in positive territory, with the Dow Jones Industrial Average rising 0.94% to 41,137 points following the April jobs report, which beat analyst forecasts.
The S&P 500 climbed 0.88% to 5,653 points, while the tech-heavy Nasdaq advanced 0.71% to 17,836 points.
According to the Bureau of Labor Statistics (BLS), the U.S. unemployment rate in April held steady at 4.2%, matching March’s level. The economy added 177,000 jobs last month, slightly above the 12-month average. The gains were led by hiring in healthcare, financial services, social assistance, transportation, and warehousing sectors.
Federal Reserve and Market Movers
The data gives the Federal Reserve more reason to remain cautious at next week’s policy meeting, potentially slowing the pace of interest rate cuts. Both inflation and the labor market appear to be aligning with expectations.
Market sentiment was already positive ahead of the jobs report, following comments from China indicating that the U.S. has repeatedly shown willingness to negotiate tariffs, and that Beijing remains open to talks.
Corporate Movers
On the corporate front, Apple (NASDAQ:AAPL) shares fell 4.81% after its Q1 earnings report failed to meet analyst expectations. Amazon (NASDAQ:AMZN) also declined 1.46%, leading losses among the Dow Jones’ top 30 components.
The session’s biggest gainers included Nvidia (NASDAQ:NVDA), up 2.36%, and both Microsoft (NASDAQ:MSFT) and Caterpillar (NYSE:CAT), each rising 2.28%.
By sector, the strongest performances came from industrials (+1.62%), financials (+1.52%), and healthcare (+1.47%). The only sector in the red at the time was materials, slipping 0.04%.
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