- US indices rallied across the board to unwind Wednesday’s Fed-driven losses, with most US indices gaining around 1%.
- All eleven major sectors rallied on the day, led by energy (XLE) stocks. Health care (XLV) was the weakest sector today but nonetheless gained 0.6%.
- US Non-Farm Payrolls (April) printed at 263k, well above estimates of 181k, and the unemployment rate dropped to 3.6%, its lowest level since 1969. However, average hourly earnings rose at only 0.2% m/m (3.2% y/y), a tick below consensus estimates.
- In corporate news, newly-public Lyft (LYFT) and Disney (DIS) report earnings next week. BYND managed to eek out a small gain after exploding higher by 160% on its IPO yesterday.
- Japan will remain on holiday Monday for Children’s Day, likely leading to more low liquidity trade in the Asian session to start next week.
Corporate Event Calendar (Asia)
NTS = No Time Specified
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.