Check back for updates throughout the trading dayU.S. stocks moved higher in early Friday trading, powered in part by Apple's better-than-expected quarterly earnings, as traders looked to a key April jobs report prior to the opening bell.Updated at 10:44 AM EDTNot over yetStocks are paring some of their earlier gains following data from the Institute of Supply Management that suggested a big jump in the price paid component of the benchmark manufacturing activity survey for the month of April, as well as increases in overall employment costs. The S&P 500 was last marked 47 points, or 0.93.% higher on the session while the Nasdaq gained 284 points, or 1.75%.Inflation Re-Accelerating….April ISM Service Prices Paid 59.2. pic.twitter.com/DNwIHCufFv— PlungeProtectionTeam (@gamesblazer06) May 3, 2024
Updated at 9:46 AM EDTApple boostThe S&P 500 was marked 61 points, or 1.2% higher, in the opening minutes of trading, thanks in part to a 6.7% gain for Apple and solid advances or Magnificent 7 peers Microsoft MSFT and Meta Platforms META.The Dow, meanwhile, surged 516 points while the Nasdaq gained 300 points, or 1.9%, following a 'goldilocks' jobs report that showed slowing overall hires but growth-supporting gains heading into the spring and summer months. The April jobs report appears to be a goldilocks print for investors. Jobs and average hourly earnings came in below expectations, while the unemployment rate inched higher," said eToro investment analyst Brent Kenwell. "The April jobs report doesn’t create an urgent concern for the labor market or the economy, and it found a way to thread the needle between being soft enough, but not too weak."Related: Jobs report shows marked April slowdown, prompting Fed rate-cut betsUpdated at 8:49 AM EDTCool breezeThe job market showed its first early signs of a slowdown Friday as the Labor Department reported a weaker-than-expected 175,000 new hires over the month of April with slowing wage gains.The overall tally, while still solid, could provide relief to investors worried that inflation pressures would remain elevated well into the summer months and push Fed rate cut projects deeper into the end of the year.U.S. stocks extended earlier gains following the data release, with futures contracts tied to the S&P 500 indicating a 64 point opening bell gain and those tied to the Dow Jones Industrial Average suggesting a 505 point advance. The tech-focused Nasdaq is set to gain 290 points.Benchmark 10-year Treasury note yields were marked 9 basis lower higher at 4.473% following the data release, while 2-year notes fell 13 basis points to 4.751%.⚠️ US RATE FUTURES NOW PRICE IN TWO CUTS OF 25 BPS IN 2024 VS ONE BEFORE JOBS DATA— *Walter Bloomberg (@DeItaone) May 3, 2024
Check back for updates throughout the trading dayApple's (AAPL) share move, which boosted global tech stocks, looks set to lead both the S&P 500 and the Nasdaq following a solid set of March quarter earnings that included a smaller-than-expected slide in overall revenue and the unveiling of a $110 billion stock buyback, the largest on record.The tech giant's modestly upbeat forecast, meanwhile, surprised analysts and could help the stock claw back most of its year-to-date decline over the Friday session.Apple shares were last marked 6.1% higher in premarket trading to indicate an opening bell price of $183.50 each. Dow component Amgen (AMGN) shares were also on the move, rising nearly 15% after the biotech reported stronger-than-expected first-quarter earnings and said it was moving its anti-obesity drug into late-stage trials. Related: A red-hot job market that’s defied Fed rate hikes is cooling (finally)Investors are also braced for what could be a market-moving jobs report, slated for release at 8:30 am Eastern time, that follows a mixed set of labor-market data earlier in the week and a warning from the Federal Reserve that inflation pressures could keep interest rates elevated well into the autumn months.Analysts expect the economy added around 243,000 new jobs last month, with the headline unemployment rate holding at 3.8% and extending a run of 26 consecutive months below 4%.
No one will be watching Friday's nonfarm-payrolls data more closely than Federal Reserve Chairman Jerome Powell. Win McNamee/Getty Images
Benchmark 10-year-note yields eased to 4.567% in the overnight session, while 2-year notes were marked at 4.883% in moves that likely reflect the chances of a weaker-than-expected reading that could revive bets on an autumn Fed rate cut.The U.S. dollar index, which tracks the greenback against a basket of six global currency peers, was marked 0.12% lower at 105.169.On Wall Street, futures contracts tied the S&P 500, which ended 0.91% higher on Thursday, are priced for a 20 point opening bell gain.The Dow Jones Industrial Average, meanwhile, is called 310 points higher, thanks in part to Apple's premarket surge and the surge in Amgen, while the tech-focused Nasdaq is set for a 122 point advance.In overseas markets, Europe's Stoxx 600 rose 0.42% in Frankfurt, while Britain's FTSE 100 gained 0.5% in London after hitting an all-time high of 8,215.29 points earlier in the session.More Wall Street Analysts:Analyst unveils new Nike price target ahead of big summer for sportsAnalysts weigh in on Google-parent Alphabet’s stock after cloud eventAnalysts revamp Disney stock price target after proxy fightOvernight in Asia, the regionwide MSCI ex-Japan benchmark rose 0.4%, with stocks in China closed for Labor Day celebrations. Japan's Nikkei 225 was closed for its annual Constitution Day holiday. Related: Veteran fund manager picks favorite stocks for 2024
