Market News & Analysis
US Equity Handover: Stocks Storm Back to Regain Midweek Losses
Matt Weller, CFA, CMT May 3, 2019 9:17 PM
- 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)
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