Stock Market Today: S&P 500, Dow Futures Rise On Stronger-Than-Expected April Jobs Data

Benzinga

U.S. stock futures rose on Friday after Thursday’s declines. This followed an exchange of fire near the Strait of Hormuz between the U.S. and Iranian forces.  Speaking to an ABC reporter, Donald Trump referred to the exchange as “just a love tap,” according to a social media post by the journalist. He also added that the ceasefire was still in effect and ongoing.  U.S. nonfarm payrolls defied expectations in April, with total employment edging up by 115,000 jobs to comfortably beat the FactSet consensus estimate of a 65,000 rise. Despite the stronger-than-expected job growth, the unemployment rate remained unchanged at 4.3%.   On the inflation front, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents, or 0.2%, to $37.41, bringing the annual wage increase to 3.6%.  Meanwhile, the 10-year Treasury bond yielded 4.36%, and the two-year bond was at 3.90%. The CME Group's FedWatch tool‘s projections show markets pricing a 94.8% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.  The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Friday. The SPY was up 0.52% at $735.35, while the QQQ advanced 0.80% to $700.50.

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00:07all right we've got green arrows across the board here today ahead of friday's open and ahead of

00:12the weekend s&p futures up 0.51 dow futures up 0.35 and the nasdaq futures up 0.74

00:20so green on

00:22screen and across the board here today we will absolutely take that now let's take a look at

00:28some cues from the last session here shall we communication services and information technology

00:34stocks bucked the overall market trend to close higher on thursday while most s&p 500 sectors

00:40ended negatively led heavily by losses in materials energy and industrials u.s stock futures rose on

00:47friday after thursday's declines this followed an exchange of fire near the strait of hormuz between

00:53the u.s and iranian forces speaking to an abc reporter trump referred to the exchange as quote

01:00just a love tap end quote according to a social media post by the journalist he also added that

01:07the ceasefire was still in effect and ongoing today investors await the non-farm payroll data for the

01:14month of april scheduled to be released before the opening bell we'll bring it to you as soon as we

01:18have it here facts that projects the medium estimate for the month to rise by 65 000 meanwhile the 10

01:26-year

01:26treasury bond yielded 4.36 percent and the two-year bond was at 3.9 percent cme group's fed watch

01:32tool

01:32projections show the market's pricing in a 94.8 likelihood that the federal reserve leaves the

01:38current interest rates unchanged during the june meeting now we've got some stocks in focus here for

01:44you today the first one the first one is actually going to be coinbase i had my thing mixed up

01:51here

01:51sorry about that uh coinbase fell 3.62 percent in the pre-market on friday after reporting downbeat

01:58first quarter uh financial results reported first quarter revenue of 1.41 billion which was down 31

02:04percent year over year the revenue total missed the street consensus of about 1.53 billion they did also

02:10say in their report that the crypto trading volume reached a new record high however so it'll be very

02:16interesting despite the red arrows here in coinbase in the pre-market that stock might be set up for a

02:21bounce here today so at minimum keep it on your watch list the next stock on our list is going

02:26to be

02:26cloudflare and the ticker is net net it plunged 16.74 percent after it reported upbeat earnings but cut

02:3520 percent of its workforce during the first quarter cloudflare q1 adjusted eps of 25 cents beat the 23

02:42cent estimate sales came in at 639.75 million that beat the estimate of 621.86 million cloudflare sees

02:51q2 adjusted eps of 27 cents versus the 27 cent estimate and they see sales of 664 million to 665

02:595 million that was first an estimate of 665.33 million so actually slightly under that's why

03:05cloudflare is uh trading lower here today the next stock on our list is going to be the trade desk

03:12and the ticker on this one is ttd it dropped 14.43 percent after reporting mixed fourth quarter financial

03:19results uh first quarter financial results excuse me trade desk q1 adjusted eps of 28 cent missed the 32

03:27cent estimate sales of 688.85 million beat the estimate of 679.2 million trade desk q2 revenue

03:34is expected to be more than 750 million but that's less than the estimate of 771.63 million trade desk

03:42got absolutely hammered absolutely hammered next stock on our list is going to be bill this is ticker

03:49b-i-l-l and bill holdings jumped 7.09 percent as it reported total revenue of 406.6 million

03:57that was

03:58an increase of 13 percent year over year and diluted earnings of 12 cents per share bill holdings sees

04:03q4 adjusted eps of 69 cents to 72 cents that was versus 59 cent estimate so nice guy there they

04:10see

04:10sales of 425 to 435 million and that was versus an estimate of 430.53 million the final stock on

04:20our

04:20list is going to be core weave and the ticker is crwv and it fell 8.76 as it reported

04:26first quarter earnings

04:28our first quarter adjusted loss of 112 per share and missed the estimate for a loss of 90 cents per

04:33share

04:33however it was quote the strongest booking quarter in core weave's history end quote that came from

04:40michael intrader the co-founder and ceo of core weave where we've also affirms full year 26 sales

04:46guidance of 12 to 13 billion that's verse an estimate of 12.502 billion

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