Post Market Wrap: May 3, 2024
A weaker than expected jobs report boosted hopes the Federal Reserve might be able to start cutting rates in the second-half of this year. The April non farm payrolls report showed 175,000 job gains. That was well below the 240,000 that was expected. The unemployment rate edged up to 3.9% versus 3.8% in the prior month and the year over year wage growth was 3.9%. That was below the 4% growth that was expected. So fewer jobs created and wage growth a little below expectations. That’s a good sign because it means the Federal Reserve is unlikely to keep hiking interest rates. The Dow Jones Industrial Average gained 450 points, 1.2%, the S&P up 1.2%. As well. The NASDAQ was up 2%. Apple advanced 7% after it announced the $110 billion share repurchase and a top and bottom line beat on earnings elsewhere. Biotech stock Amgen was up 12% after posting. Better than expected earnings and offering a positive update on an experimental obesity drug, this weekend, Berkshire Hathaway holds its annual investor conference. Warren Buffett will be holding court without his old partner, Charlie Munger for CNBC Business News, I’m Bob Pisani.