The U.S. economy added 175,000 jobs in April
Stock futures are higher, following April's nonfarm payrolls report and better-than-expected earnings from Apple (AAPL). The U.S. economy added 175,000 jobs last month, well below the 240,000 estimates, while the unemployment rate ticked slightly higher than expected to 3.9%. Treasury yields are sinking after the report, with the 10-year bond note dipping below 4.5%.
In response, futures on the Dow Jones Industrial Average (DJIA) are up 501 points, while futures tied to the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also substantially higher. Nevertheless, all three benchmarks are eyeing weekly losses.
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5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw nearly 1.3 million call contracts and more than 1 million put contracts exchanged Thursday. The single-session equity put/call rose to 0.73, while the 21-day moving average slipped to 0.70.
- Apple Inc (NASDAQ:APPL) stock is 7.1% in premarket trading, after the Big Tech giant's fiscal second-quarter earnings and revenue beat estimates. In addition, the company announced a record share buyback program of $110 billion amid declining iPhone sales. AAPL is down 10.1% this year.
- Meanwhile, Monster Beverage Corp (NASDAQ:MNST) also reported first-quarter results. The beverage company's revenue jumped 12%, thanks to steady demand and easing freight costs. Up 2.8% before the bell, MNST is looing to overcome a 7.3% year-to-date deficit.
- DraftKings Inc (NASDAQ:DKNG) stock sports a 4.9% lead ahead of the open, after the company's first-quarter earnings and revenue topped expectations. The sports betting firm also lifted its 2024 guidance. Over the last 12 months, DKNG added 96.3%.
- Consumer sentiment data and Fed speeches are on tap next week.
Apple Suppliers Boost Asian Markets
Asian stocks mostly mirrored their Wall Street counterparts, with Apple suppliers Foxconn and Taiwan Semiconductor (TSM) enjoying particularly robust gains in the wake of Apple’s earnings report. Hong Kong’s Hang Seng popped 1.5%, while South Korea’s Kospi shed 0.3%. Japan’s Nikkei and the Shanghai Composite were both closed for holiday, though the continues to strengthen against the U.S. dollar.
In Europe, stocks are moving higher, as the euro also trades higher against the dollar. London’s FTSE 100 is up 0.6%, even as retail footfall in April fell. The French CAC 40 is up 0.6% thanks to a post-earnings pop from bank giant Société Generale, while the German DAX is 0.5% higher, at last check.