Nasdaq Index, Dow Jones, S&P 500 News: Wall Street Jumping on Apple Surge Ahead of NFP

Stock Futures Surge Ahead of April Jobs Report

Stock futures are rallying significantly on Friday in anticipation of the April jobs report, set to be released at 12:30 GMT.

At 11:49 GMT, Dow futures are trading 38677.00, up 295.00 or +0.77%. S&P 500 Index futures are trading 5110.25, up 18.75 or +0.37% and Nasdaq 100 futures are trading 17762.50, up 112.75 or +0.64%.

Thursday’s Market Performance

The three major U.S. stock indexes closed Thursday on a positive note, with the S&P 500 rising by 0.91%, the Dow by 0.85%, and the Nasdaq Composite outperforming with a gain of 1.51%. However, despite the bounce, the major averages are still on track to end the week in negative territory, with the S&P 500 down by 0.7%, the Nasdaq by nearly 0.6%, and the Dow by 0.04%.

Earnings Highlights

In extended trading, Apple surged over 6% following the announcement of a $110 billion share repurchase and better-than-expected earnings. Biotech company Amgen also saw a significant increase of 14% after reporting strong earnings and revenue figures. However, Cloudflare experienced a 14% decline after issuing weak revenue guidance for the full year.

Coinbase Beats Expectations

Coinbase reported better-than-expected revenue in its first-quarter earnings report, with earnings per share at $4.40 compared to an average analyst estimate of $1.09. Revenue stood at $1.64 billion, surpassing the expected $1.34 billion. The company reported a net income of $1.18 billion, a substantial improvement from the year-ago loss.

Short-Term Forecast and Fed Policy

Traders are closely monitoring the April nonfarm payrolls report for indications of changes in wages, with economists expecting 240,000 positions added, a slight slowdown from March. As traders await the jobs report, stock futures remain bullish, fueled by positive earnings reports and anticipation of economic data.

The Federal Reserve’s stance on monetary policy will likely be influenced by the jobs report, with implications for interest rates and market sentiment. Continued strength in the labor market could signal a potential shift towards tightening monetary policy to combat inflationary pressures. However, if the jobs report disappoints and shows signs of weakness in job growth or wage growth, the Fed may take a more cautious approach, maintaining its accommodative stance to support economic recovery.

Traders are advised to pay close attention to the jobs report data and any accompanying statements from Fed officials, as they will provide valuable insights into the future direction of monetary policy and its impact on the financial markets.