The Nasdaq advanced, after the disappointing economic data appeared to make a case for monetary policy to stay on hold and interest rates to stay low, supporting tech and growth stocks.
employers brought back just 266,000 jobs in April, whereas a gain of at least 1 million had been expected.
economy remained 8.2 million payrolls short of pre-pandemic levels, and both the unemployment rate and labor force participation are still off from their February 2020 levels.
Federal Reserve Chair Jerome Powell has suggested he would want to see a “string” of strong payroll gains totaling more than 1 million before the central bank considers adjusting its ultra-accommodative monetary policy posturing.
“The smaller rise in payrolls should at least assuage some concerns around the Fed policy outlook,” Seema Shah, Chief Strategist at Principal Global Investors, wrote in an email Friday morning.
Heading into the report, investors had been contemplating improvements in other economic data with both optimism about the post-pandemic rebound and trepidation over the implications for monetary policy, with persistently strong data likely to bolster the case for the Fed to ease up on policies that had supported the recovery as well as asset prices.
The information technology, communication services and consumer discretionary sectors led gains in the blue-chip index, outperforming as Treasury yields retreated.
“On a day like today, you’re seeing that pullback in the 10-year rate, you’re seeing that pullback in the U.S.
But I do think we’re going to see this short-term reaction where it’s a bounce-back between value and growth, defense and offense, and I think on a day like today you’re seeing more of that defense.
employers brought back just 266,000 jobs in April, sharply missing consensus economists’ expectations for a rise of 1 million, according to Bloomberg data.
In the goods-producing sector, manufacturing jobs unexpectedly dropped by 18,000 whereas a rise of 54,000 had been expected, marking the first net decline in these payrolls since January.
Meanwhile, leisure and hospitality jobs rose by 331,000, adding to a gain of 206,000 payrolls in March and 413,000 in February.
Bayern Munich on Saturday earned their ninth consecutive Bundesliga title after RB Leipzig’s 3-2 loss at Borussia Dortmund and their own later 6-0 demolition of Borussia Moenchengladbach that put them 10 points clear with two games left to play.
The 20-year-old has already acquired a reputation for swearing over the team radio, and at Barcelona’s Circuit de Catalunya he questioned his car’s setup compared to that of team mate Pierre Gasly.
On a windy day in Madrid, Sabalenka’s first set shotmaking was nothing short of sensational as she combined her trademark big hits from the baseline with deft dropshots to leave the Australian reeling, serving it out inside 25 minutes.
Lewandowski, who now has 39 goals, one shy of Gerd Mueller’s imposing record of 40 league goals in one Bundesliga season dating back to 1971/72, needed only two minutes to open his account with a shot from a tight angle.
Bryson DeChambeau is known as “the Scientist” because of his academic approach to the game and so certain was the former quantum physics student of the accuracy of his sums, that he departed this Wells Fargo Championship on Friday certain he had missed the cut.
Atletico Madrid coach Diego Simeone said he would not watch Real Madrid’s La Liga game with Sevilla on Sunday after his side’s 0-0 draw with Barcelona on Saturday put the title back within their local rivals’ grasp.