e-FSW.gr

Closing Summary 29-May-24 16:25 ET
Dow -411.32 at 38441.54, Nasdaq -99.30 at 16920.59, S&P -39.09 at 5266.95 :
[BRIEFING.COM] Today's trade featured a negative bias. Broad selling activity had the major indices in negative territory through the entire session. Ultimately, the indices settled near their lows of the session after selling increased in some heavily-weighted names that had been trading higher, acting as a limiting factor for index-level losses.

Amazon.com (AMZN 182.02, -0.13, -0.1%), Microsoft (MSFT 429.17, -1.15, -0.3%), and Alphabet (GOOG 177.40, -0.62, -0.4%) were among the standouts in that respect. AMZN had been up as much as 1.1% today, MSFT was up 0.11% at its high, and GOOG showed a 0.14% gain at its best level.

The broad retreat today left all 11 S&P 500 sectors with losses. The energy sector was among the top laggards, dropping 1.8%, amid falling commodity prices. WTI crude oil futures fell 0.8% to $79.25/bbl and natural gas futures slid 5.7% to $2.66/mmbtu.

Sector component Marathon Oil (MRO 28.68, +2.23, +8.4%) went against the grain, jumping more than 8% after news that ConocoPhillips (COP 115.25, -3.71, -3.1%) will acquire MRO in an all-stock transaction.

The industrial sector was the next worst performer, dropping 1.4%. Weak airline components weighed on the sector after American Airlines (AAL 11.62, -1.82, -13.5%) lowered its Q2 EPS below consensus and lowered its adjusted operating margin and TRASM guidance.

The overall downside bias was driven by some normal consolidation activity after a big run recently. With today's losses, the S&P 500 is still 4.6% higher this month and the Nasdaq Composite is 8.1% higher since the start of May.

The price action in Treasuries also contributed to the downside bias in equities. The 10-yr note yield rose eight basis points to 4.62% and the 2-yr note yield settled unchanged at 4.98%. Yields were already moving higher, but today's $44 billion 7-yr Treasury note sale, which met weak demand following this week's poor slate of note offerings, sparked increased selling action.

Today's economic data was limited to the weekly MBA Mortgage Applications Index, which declined 5.7% with refinance applications plunging 14% and purchase applications dropping 1%. Market participants also received the Fed's latest Beige Book, which said national economic activity continued to expand from early April to mid-May, but the release didn't garner outsized reactions from bonds or equities.

Nasdaq Composite: +12.7% YTD
S&P 500:+10.4% YTD
S&P Midcap 400: +5.0% YTD
Dow Jones Industrial Average: +2.0% YTD
Russell 2000: +0.5% YTD
Looking ahead, Thursday's economic calendar features:

8:30 ET: Q1 GDP -- second estimate (Briefing.com consensus 1.3%; prior 1.6%), Q1 GDP Deflator -- second estimate (Briefing.com consensus 3.1%; prior 3.1%), Weekly Initial Claims (Briefing.com consensus 219,000; prior 215,000), Continuing Claims (prior 1.794 mln), advance April goods trade balance (prior -$91.8 bln), advance April Retail Inventories (prior 0.3%), and advance April Wholesale Inventories (prior -0.4%)
10:00 ET: April Pending Home Sales (Briefing.com consensus -0.5%; prior 3.4%)
10:30 ET: Weekly natural gas inventories (prior +78 bcf)
11:00 ET: Weekly crude oil inventories (prior +1.83 mln).NYSE Adv/Dec 449/2315. ..NASDAQ Adv/Dec 1113/3113.

Closing Summary 28-May-24 16:25 ET
Dow -216.73 at 38852.86, Nasdaq +99.09 at 17019.89, S&P +1.32 at 5306.04
[BRIEFING.COM] The stock market exhibited mixed action today. There wasn't a lot of conviction from buyers or sellers after the holiday weekend. This led the major indices to trade above and below prior closing levels, reacting to the price action in mega cap stocks and Treasuries.

The Dow Jones Industrial Average closed more than 200 points lower today while the Nasdaq Composite (+0.6%) closed at a fresh record high, above 17,000 for the first time, thanks to a late surge of buying activity in mega cap stocks.

This price action also left the S&P 500 little changed from yesterday, but the index had been down as much as 0.4% earlier.

NVIDIA (NVDA 1139.01, +74.32, +7.0%) provided some support to the broader market today due to the notion that xAI's $6 billion capital raise will benefit the AI chipmaker. Other top performing mega caps that participated in the afternoon move higher included Amazon (AMZN 182.15, +1.40, +0.8%) and Meta Platforms (META 479.92, +1.70, +0.4%).

Apple (AAPL 189.99, +0.01, +0.01%) had been trading up as much as 1.6% at its high, but shares were left out of the late surge.

The information technology sector was one of only three S&P 500 sectors to close with a gain, benefitting from the upside move in NVDA and gains in other mega caps.

The activity in Treasuries kept pressure on equities through the session. The 2-yr note yield settled three basis points higher at 4.98% and the 10-yr note yield rose eight basis points today to 4.54%. This price action was in response to a stronger-than-expected Consumer Confidence report for May, and today's $69 billion 2-yr note and $70 billion 5-yr note sale, which met weak demand.

Nasdaq Composite: +13.4% YTD
S&P 500:+11.2% YTD
S&P Midcap 400: +6.3% YTD
Dow Jones Industrial Average: +3.1% YTD
Russell 2000: +2.0% YTD
Reviewing overnight developments:

March FHFA Housing Price Index 0.1%; Prior 1.2%
March S&P Case-Shiller Home Price Index 7.4% (Briefing.com consensus 7.0%); Prior 7.3%
May Consumer Confidence 102.0 (Briefing.com consensus 96.0); Prior was revised to 97.5 from 97.0
The key takeaway from the report is that consumers are feeling good about labor market conditions, which is important as that typically translates into increased spending activity.
Looking ahead, market participants will receive the weekly MBA Mortgage Applications Index at 7:00 ET tomorrow. Wednesday's calendar also features the release of the Fed's Beige Book at 2:00 ET and the results of a $44 billion 7-yr Treasury note auction will be released at 1:00 ET.

Closing Summary 24-May-24 16:30 ET, by Briefing.com
Dow +4.33 at 39.069,59, Nasdaq +184.76 at 16.920,80, S&P +36.88 at 5.304,72
The S&P 500 (+0.7%) and Nasdaq Composite (+1.1%), which hit a new record high, closed at or near intraday highs. The Dow Jones Industrial Average underperformed, closing little changed from yesterday near its session low.
Volume was light at the NYSE, reflecting a lack of participation in front of the three-day weekend. Markets will closed on Monday for Memorial Day.
Many stocks settled with gains in today's broad rally. Advancers lead decliners by a 3-to-1 margin at the NYSE and by a 2-to-1 margin at the Nasdaq. The equal-weighted S&P 500 settled 0.7% higher and ten of the 11 S&P 500 sectors closed gains.
The communication services (+1.3%) and information technology (+1.1%) sectors saw the largest gains while the health care sector (-0.3%) sat alone in negative territory.
The underlying positive bias was related to rebound action after recent losses. Calm price action in the Treasury market also contributed to the upside bias.
Treasuries initially saw an uptick in selling following a stronger-than-expected April Durable Orders report (actual 0.7%; Briefing.com consensus -0.8%), but selling pressure eased following the final reading of the University of Michigan's Consumer Sentiment survey, which showed that year-ahead inflation expectations slowed to 3.3% from 3.5% in the preliminary reading.
The 2-yr note yield settled two basis points higher today, and 13 basis points higher this week, at 4.95%. The 10-yr note yield settled one basis point lower today, and four basis points higher this week, at 4.46%.
Nasdaq Composite: +12.7% YTD
S&P 500:+11.2% YTD
S&P Midcap 400: +7.0% YTD
Dow Jones Industrial Average: +3.7% YTD
Russell 2000: +2.1% YTD
Reviewing today's economic data:
April Durable Orders 0.7% (Briefing.com consensus -0.8%); Prior was revised to 0.8% from 2.6%; April Durable Orders -ex transportation 0.4% (Briefing.com consensus 0.2%); Prior was revised to 0.0% from 0.2%
The key takeaway from the report is that order increases were seen for most components, underscoring the idea that manufacturing activity remains supportive of ongoing growth for the U.S. economy.
May Univ. of Michigan Consumer Sentiment -Final 69.1 (Briefing.com consensus 67.6); Prior 67.4
The key takeaway from the market's vantage point is that the report carried helpful revisions, including an uptick in the overall index and downticks in both year-ahead and long-run inflation expectations, from the preliminary report.
As a reminder, bond and equity markets will be closed on Monday for Memorial Day. Looking ahead to Tuesday, market participants will receive the following economic data: March FHFA Housing Price Index (prior 1.2%) and March S&P Case-Shiller Home Price Index (prior 7.3%) at 9:00 ET; May Consumer Confidence (prior 97.0) at 10:00 ET; $69 bln 2-yr Treasury note auction results at 11:30 ET; and $70 bln 5-yr Treasury note auction results at 13:0

Close Update 16/5/2024
Stock Market Update
16:30 ET Dow -38.62 at 39869.38, Nasdaq -44.07 at 16698.32, S&P -11.05 at 5297.1 :

[BRIEFING.COM] The major indices extended further into record territory today. The S&P 500 was up 0.3% at its high, the Nasdaq Composite showed a 0.3% gain at its best, and the Dow Jones Industrial Average traded above 40,000 for the first time at its high, sporting a 0.4% gain.

Participants were lacking conviction, though, even when the market was at intraday highs. Market breadth was mixed through the entire session, skewing more negative by the close. Decliners led advancers by an 11-to-10 margin at both the NYSE and the Nasdaq.

The major indices all closed with modest losses after early gains faded in the afternoon. The late pullback was driven in part by a sense that stocks are due for a cooldown after reaching fresh all-time highs.

A slight rise in market rates also contributed to the modest pullback in equities. The 10-yr note yield settled two basis points higher at 4.38% and the 2-yr note yield settled five basis points higher at 4.79%.

Ten of the 11 S&P 500 sectors registered declines, but like index-level moves, the losses were relatively modest. None of the sector fell more than 0.8%. The consumer discretionary sector was the worst performer, dropping 0.8%, followed by the materials sector, which closed 0.7% lower.

The S&P 500 consumer staples sector was alone in positive territory at the close, showing a 1.5% gain. A sizable gain in shares of Walmart (WMT 64.00, +4.17, +7.0%) following impressive earnings results and outlook.

Meanwhile, Fellow Dow component Cisco (CSCO 44.32, -1.34, -2.7%) received a negative response to its earnings news.

Today's economic data did not garner much of a response from stocks or bonds. Weekly jobless claims continue to run below slowdown-like levels and housing starts were weaker-than-expected April. April import-export prices, the May Philadelphia Fed Index, and April industrial production were also released this morning.

S&P 500:+11.1% YTD
Nasdaq Composite: +11.2% YTD
S&P Midcap 400: +8.4% YTD
Dow Jones Industrial Average: +5.6% YTD
Russell 2000: +3.4% YTD
Reviewing today's economic data:

-Initial jobless claims for the week ending May 11 decreased by 10,000 to 222,000 (Briefing.com consensus 218,000). Continuing jobless claims for the week ending May 4 increased by 13,000 to 1.794 million.
->The key takeaway from the report is that the level of initial jobless claims remains supportive of an economy that is not steering toward a recession.
-Housing starts increased 5.7% month-over-month in April to a seasonally adjusted annual rate of 1.360 million units (Briefing.com consensus 1.440 million). Building permits declined 3.0% month-over-month to a seasonally adjusted annual rate of 1.440 million (Briefing.com consensus 1.488 million).
->The key takeaway from the report is that there wasn't any strength in single-unit starts (-0.4% month-over-month) or single-unit permits (-0.8%), which is a setback for an inventory-constrained existing home market dealing with the added constraint of high mortgage rates and high prices that have created affordability pressures.
-Import prices increased 0.9% month-over-month in April (+1.1% yr/yr). Excluding fuel, they were up 0.7% (+0.9% yr/yr). Export prices rose 0.5% month-over-month in April (-1.0% yr/yr). Excluding agricultural products, they were up 0.7% (+0.1% yr/yr).
->The key takeaway from the report is that import and nonfuel import prices have accelerated in each of the last two months, which is contributing to inflation sticking stubbornly above the Fed's 2% target.
The Philadelphia Fed Index for May checked in at 4.5 (Briefing.com consensus 5.0) versus 15.5 in April. A number above 0.0 is indicative of expansion, so the May reading connotes a slowdown in the pace of expansion versus the prior month.
The key takeaway from the report is that manufacturing activity in the Philadelphia Fed region is still positive, but weakened in May in a manner that fits with a slower growth narrative.
-Total industrial production was unchanged month-over-month in April (Briefing.com consensus 0.2%) following a downwardly revised 0.1% (from 0.4%) in March. The capacity utilization rate dipped to 78.4% (Briefing.com consensus 78.4%) from an upwardly revised 78.5% (from 78.4%) in March. Total industrial production was down 0.4% yr/yr while the capacity utilization rate was 1.2 percentage points below its long-run average.
->The key takeaway from the report was the weakness in manufacturing output, which goes hand-in-hand with a lower growth outlook.
Looking ahead, Friday's economic lineup is limited to the April Leading Indicators Index at 10:00 ET.

Close Update 10/5/2024
Stock Market Update
16:25 ET Dow +125.08 at 39512.84, Nasdaq -5.40 at 16340.87, S&P +8.60 at 5222.68 :

[BRIEFING.COM] Today's trade was mixed, capping off a winning week. The S&P 500 closed 0.2% higher than yesterday and 1.9% higher than last Friday. The Nasdaq Composite settled fractionally lower than yesterday and 1.1% higher than last Friday.

The major indices were initially trading higher today, but early buyer enthusiasm dissipated after the release of the preliminary University of Michigan Index of Consumer Sentiment for May at 10:00 ET. That report dropped to 67.4 in May (expected 76.5; prior 77.2) and showed a jump in year-ahead inflation expectations to 3.5% from 3.2%.

Treasuries extended starting losses in response to the report. The 10-yr note yield settled six basis points higher today, and unchanged this week, at 4.50%. The 2-yr note yield settled six basis points higher today, and six basis points this week, to 4.87%.

Some mega caps rolled over around the same time, giving back early gains. Apple (AAPL 183.05, -1.52, -0.8%) was a standout in that respect, trading up as much as 0.3% at its high before settling lower.

Many stocks still closed with gains despite the index-level pullback from session highs and negative breadth. Decliners led advancers by an 11-to-10 margin at the NYSE and a 3-to-2 margin at the Nasdaq. The equal-weighted S&P 500 still settled 0.2% higher and six of the 11 S&P 500 sectors registered gains.

The consumer staples (+0.6%), information technology (+0.5%), financials (+0.5%), and health care (+0.2%) sectors were the top performers today. The consumer discretionary sector logged the biggest decline, down 0.6%.

Strength in the semiconductor space after TSMC (TSM 149.26, +6.47, +4.5%) reported a big jump in revenue in April provided a measure support to the broader market. The PHLX Semiconductor Index (SOX) gained 1.0%.

S&P 500:+9.5% YTD
Nasdaq Composite: +8.9% YTD
S&P Midcap 400: +7.6% YTD
Dow Jones Industrial Average: +4.8% YTD
Russell 2000: +1.6% YTD

Reviewing today's economic data:
The preliminary Index of Consumer Sentiment for May sunk to 67.4 (Briefing.com consensus 76.5) from the final reading of 77.2 for April. In the same period a year ago, the index stood at 59.0. The May reading is the lowest in six months.
-The key takeaway is that the downturn in sentiment was driven by decreases across age, income, and education groups, and revolved around worries pertaining to inflation, unemployment, and interest rates.
The Treasury Budget for April showed a surplus of $209.5 billion compared to a surplus of $176.2 billion in the same period a year ago. The April surplus resulted from receipts ($776.2 billion) exceeding outlays ($566.7 billion). The Treasury Budget data is not seasonally adjusted so the April surplus cannot be compared to the March deficit of $236.5 billion.
-The key takeaway from the report is that individual tax receipts were higher than the prior year, which is a reflection of the stronger economy in 2023. Separately, higher rates accompanied the stronger economy, which in turn drove higher outlays for net interest costs.
Looking ahead, there is no US economic data of note on Monday. Tuesday's calendar features the April Producer Price Index and the April Consumer Price Index will be released on Wednesday.

Story Stocks®
13:34 ET Unity Software sinks as investors remain in wait-and-see mode over an expected 2H24 recovery (U) (U) : Unity Software (U -8%) turns toward multi-year lows despite exceeding earnings and revenue
11:09 ET Sweetgreen making some "sweet green" for investors today on Q1 results (SG) (SG) : This fast food restaurant operator with a focus on salads and bowls is sharply higher.

Midday Update 10/5/2024
Stock Market Update
12:10 ET Dow +69.56 at 39457.32, Nasdaq -34.56 at 16311.71, S&P +1.11 at 5215.19 :
[BRIEFING.COM] The S&P 500 briefly slid below its prior close in recent action. The Dow Jones Industrial Average remains above its prior close, but the Nasdaq Composite (-0.2%) and Russell 2000 (-0.8%) are still trading down.

Value stocks have a slight edge over growth stocks in today's trade. The Russell 3000 Value Index is up 0.04% while the Russell 3000 Growth Index shows a 0.1% decline.

Elsewhere, Treasuries are near intraday high yields. The 10-yr note yield is up five basis points to 4.50% and the 2-yr note yield is up five basis points to 4.86%

Story Stocks®
11:09 ET Sweetgreen making some "sweet green" for investors today on Q1 results (SG) (SG) : This fast food restaurant operator with a focus on salads and bowls is sharply higher for the
11:07 ET Dropbox drops a better-than-feared Q1 earnings report as paying user growth returns (DBX) (DBX) : Dropbox's (DBX) Q1 results and guidance may not be spectacular -- revenue growth was a mere 3.3%

Midday Update 9/5/2024
Stock Market Update
12:05 ET Dow +169.96 at 39226.35, Nasdaq +17.72 at 16320.48, S&P +12.10 at 5199.77 :
[BRIEFING.COM] The S&P 500 dipped back below 5,200 briefly in recent trading.
Losses in NVIDIA (NVDA 887.80, -16.14, -1.8%), Alphabet (GOOG 170.66, -0.50, -0.3%), Broadcom (AVGO 1304.74, -20.62, -1.5%), Tesla (TSLA 173.10, -1.62, -1.0%), and Eli Lilly (LLY 769.62, -5.38, -0.8%) have limited index level performance somewhat.
Meanwhile, gains in Apple (AAPL 183.47, +0.74, +0.4%), Microsoft (MSFT 411.27, +0.72, +0.2%), Amazon.com (AMZN 190.27, +2.30, +1.2%), and Meta Platforms (META 474.14, +1.54, +0.3%) provide some offsetting support.
Story Stocks®
11:29 ET Instacart delivers better-than-expected Q1 results, but Q2 GTV outlook disappoints (CART) (CART) : Grocery delivery company Instacart (CART) reported better-than-expected Q1 results with Gross
11:15 ET Airbnb encounters turbulence following lighter-than-expected Q2 guidance (ABNB) (ABNB) : Investors are checking out of Airbnb (ABNB -6%) today despite the alternative accommodations

Close Update 8/5/24
Stock Market
16:25 ET Dow +172.13 at 39056.39, Nasdaq -29.80 at 16302.76, S&P -0.03 at 5187.67 :

[BRIEFING.COM] The S&P 500 closed little changed from yesterday, the Nasdaq Composite registered a 0.2% decline, and the Russell 2000 underperformed with a 0.5% loss. Meanwhile, the Dow Jones Industrial Average logged a 0.4% gain and closed 172 points higher than yesterday.

The major indices traded in relatively narrow ranges through most of the session after climbing off opening lows. The overall vibe in today's trade was slightly negative despite the index level improvement and gain in the DJIA. Decliners led advancers by a 4-to-3 margin at the NYSE and by an 11-to-10 margin at the Nasdaq.

The downside bias was related to normal consolidation efforts after recent gains. Also, the 5,200 level was an overhang for the S&P 500 after the index stalled out at that point yesterday.

Uber (UBER 66.40, -4.03, -5.7%) was among the worst performing stocks in the S&P 500 after reporting below-consensus earnings. The S&P 500 industrial sector still eked out a fractional gain despite the movement in shares of Uber.

The information technology (+0.2%), financials (+0.4%), and utilities (+1.1%) sectors also closed with gains. The real estate (-0.9%) and materials (-0.4%) sectors registered the largest declines.

Some other stocks that reported earnings received positive responses from investors. Lyft (LYFT 17.78, +1.18, +7.1%), Arista Networks (ANET 291.67, +17.68, +6.5%), Reddit (RDDT 51.40, +2.00, +4.1%), and Anheuser-Busch InBev (BUD 62.99, +2.42, +4.0%) were among the winning standouts in that respect.

The price action in Treasuries contributed to the muted action in stocks. The 10-yr note yield settled three basis points higher at 4.49% and the 2-yr note yield settled one basis point higher at 4.84%. This followed today's $42 billion 10-yr note sale, which met weaker demand than yesterday's 3-yr note auction.

-S&P 500:+8.8% YTD
-Nasdaq Composite: +8.6% YTD
-S&P Midcap 400: +6.7% YTD
-Dow Jones Industrial Average: +3.6% YTD
-Russell 2000: +1.4% YTD
Reviewing today's economic data:

-The weekly MBA Mortgage Applications Index rose 2.6% versus last week's 2.3% decline
-Wholesale Inventories fell 0.4% in March (Briefing.com consensus -0.4%) following a revised 0.2% increase in February (from 0.5%).
-The weekly EIA Crude Oil Inventories showed a draw of 1.36 million barrels following last week's build of 7.27 million barrels
Looking ahead, Thursday's economic calendar features:

-8:30 ET: Weekly Initial Claims (Briefing.com consensus 213,000; prior 208,000) and Continuing Claims (prior 1.774 mln)
-10:30 ET: Weekly natural gas inventories (prior +59 bcf)

Midday Update 8/5/2024
Stock Market:
12:05 ET Dow +82.99 at 38967.25, Nasdaq -38.29 at 16294.27, S&P -3.26 at 5184.44 :
[BRIEFING.COM] Stocks are holding steady. Recent price action has the major indices moving mostly sideways.

With today's movement, the S&P 500 and Nasdaq Composite are still up 1.1% and 0.8%, respectively, so far this week. The equal-weighted S&P 500 is up 1.0% on the week.

Some softness in the semiconductor space has acted as a limiting factor for the broader market. The PHLX Semiconductor Index (SOX) is down 0.7% now.
.NYSE Adv/Dec 1229/1493. ..NASDAQ Adv/Dec 1666/2366.
>> Go to full Stock Market Update

Story Stocks®
11:18 ET Uber's ride to profitability takes a detour in Q1, as gross bookings outlook also disappoints (UBER) (UBER) : Uber's (UBER) recent turn to profitability took a surprising detour in Q1 as unrealized losses on
10:59 ET Cirrus Logic is cruising higher following stronger-than-expected MarQ results (CRUS) (CRUS) : Cirrus Logic (CRUS +10%) is cruising higher following its Q4 (Mar) results last night. CRUS

Stock Market Update 6/5/2024
16:25 ET Dow +176.59 at 38852.27, Nasdaq +192.92 at 16349.25, S&P +52.95 at 5180.74 :
[BRIEFING.COM] The stock market exhibited upside action today, extending Friday's rally. The S&P 500, which traded above its 50-day moving average (5,130) today after closing just below that level on Friday, gained 1.0% and settled at its best level since April 11. The Nasdaq Composite closed 1.2% higher, the Russell 2000 rose 1.2%, and the Dow Jones Industrial Average registered a 0.5% gain.

The major indices traded in relatively narrow ranges through most of the day until buying picked up with about 30 minutes left in the session, propelling the S&P 500 and Nasdaq Composite to fresh intraday highs. Upside moves were broad based, leading the equal-weighted S&P 500 to close 0.8% higher.

Gains in the mega cap and semiconductor space provided a boost to the broader market and drove a 1.4% gain in the Vanguard Mega Cap Growth ETF (MGK) and a 2.2% gain in the PHLX Semiconductor Index (SOX).

Meta Platforms (META 465.68, +13.72, +3.0%), NVIDIA (NVDA 921.40, +33.51, +3.8%), Microsoft (MSFT 413.54, +6.88, +1.7%), Amazon.com (AMZN 188.70, +2.49, +1.3%), and Eli Lilly (LLY 766.68, +31.71, +4.3%) were among the influential winners today. These names comprise nearly 20% of the S&P 500.

Some of the aforementioned names propelled their respective S&P 500 sectors to the top of the leaderboard today. The information technology (+1.5%) and communication services (+1.4%) sectors logged the largest gains. Five sectors gained at least 1.0% today and only one sector closed lower. The real estate sector (-0.02%) settled fractionally lower than Friday's settlement.

Calm action in Treasuries today contributed to the positive bias in the stock market. The 10-yr note yield settled one basis point lower at 4.49% and the 2-yr note yield settled one basis point higher at 4.82%.

There was no U.S. economic data of note today.

Looking ahead, the March Consumer Credit report will be released tomorrow at 3:00 p.m. ET.

-Nasdaq Composite: +8.9% YTD
-S&P 500:+8.6% YTD
-S&P Midcap 400: +6.8% YTD
-Dow Jones Industrial Average: +3.1% YTD
-Russell 2000: +1.7% YTD

Stock Market Update 5/3/2024
16:25 ET Dow +450.02 at 38675.68, Nasdaq +315.37 at 16156.33, S&P +63.59 at 5127.79 :
[BRIEFING.COM] The stock market closed out the week on an upbeat note. The S&P 500 (+1.3%) was just a whisker shy of its 50-day moving average (5,129) and the Nasdaq Composite was 2.0% higher than yesterday. With today's gain, the Russell 2000 (+1.0%) is higher on the year by 0.4%.

The upside moves were in response to the April employment report at 8:30 a.m. ET. The report was weak enough to reduce concerns about a potential rate hike, but not weak enough to invite worries about the state of the labor market.

Nonfarm payrolls increased a smaller-than-expected 175,000 (Briefing.com consensus 250,000), average hourly earnings were up a smaller-than-expected 0.2% (Briefing.com consensus 0.3%), the unemployment rate was up a higher-than-expected 3.9% (Briefing.com consensus 3.8%), and the average workweek was a smaller-than-expected 34.3 hours (Briefing.com consensus 34.4).

Treasury yields moved lower, contributing to the upside bias in the stock market. The 10-yr note yield declined seven basis points today, and 17 basis points this week, to 4.50%. The 2-yr note yield declined seven basis points today, and 19 basis points this week to 4.81%.

Today's positive action was also supported by a big gain in shares of Apple (AAPL 183.38, +10.35, +6.0%) after reporting better-than-feared quarterly results and announcing a $110 billion share repurchase program. Amgen (AMGN 311.29, +32.90, +11.8%) was another influential winner today after pleasing earnings news and a positive trial update for its weight loss drug MariTide.

Meanwhile, Expedia (EXPE 115.33, -20.76, -15.3%), Fortinet (FTNT 58.88, -6.32, -9.7%), Ingersoll-Rand (IR 86.72, -6.13, -6.6%), and DaVita (DVA 134.45, -7.79, -5.5%) logged sizable declines after reporting earnings.

Only one of the S&P 500 sectors settled lower -- energy (-0.1%) -- while the information technology (+3.0%), communication services (+1.0%), and materials (+1.0%) sectors led the pack.

S&P 500:+7.5% YTD
Nasdaq Composite: +7.6% YTD
S&P Midcap 400: +5.3% YTD
Dow Jones Industrial Average: +2.6% YTD
Russell 2000: +0.4% YTD
Reviewing today's economic data:

-April Nonfarm Payrolls 175K (Briefing.com consensus 250K); Prior was revised to 315K from 303K; April Nonfarm Private Payrolls 167K (Briefing.com consensus 175K); Prior was revised to 243K from 232K; April Avg. Hourly Earnings 0.2% (Briefing.com consensus 0.3%); Prior 0.3%; April Unemployment Rate 3.9% (Briefing.com consensus 3.8%); Prior 3.8%; April Average Workweek 34.3 (Briefing.com consensus 34.4); Prior 34.4
The key takeaway is that this compilation is more than adequate to suggest the economy will remain in a growth mode, which is good for earnings, and plenty suitable to validate Fed Chair Powell's belief that the next policy move by the Fed won't be a rate hike.
-April S&P Global US Services PMI - Final 51.3; Prior 51.7
-April ISM Non-Manufacturing PMI 49.4% (Briefing.com consensus 51.8%); Prior 51.4%
The key takeaway from the report is the worrying combination of a contraction in services sector activity and a pickup in prices paid. The economy is not in stagflation, but this particular report will be cited by some to advance that narrative.

Looking ahead, there is no US economic data of note on Monday.

Stock Market Update 5/2/2024
16:30 ET Dow +322.37 at 38225.66, Nasdaq +235.48 at 15840.96, S&P +45.81 at 5064.2 :

[BRIEFING.COM] Today's trade featured a positive bias through the entire session, which picked up momentum in the afternoon. The Dow Jones Industrial Average logged a 0.9% gain, the S&P 500 climbed 0.9%, the Nasdaq Composite registered a 1.5% gain, and the Russell 2000 settled 1.8% higher than yesterday.

This price action reflected some relief that Fed Chair Powell said it is unlikely in his view that the Fed will increase rates again. He did not, however, make it any more clear to the market when rates will be reduced. This piled onto uncertainty about the rate cut timeline in front of tomorrow's release of the April Employment report at 8:30 ET, so participants will be focused on how this report may influence the Fed's policy decisions.

Still, relief that the Fed is unlikely to raise rates again, along with strength in mega cap and semiconductor stocks, led to an upbeat day for stocks. The Vanguard Mega Cap Growth ETF (MGK) logged a 1.2% gain and the PHLX Semiconductor Index (SOX) climbed 2.2%, due in part to an earnings-related gain in Qualcomm (QCOM 180.10, +15.99, +9.7%).

Buying picked up steam when Treasury yields turned lower in the afternoon. The 10-yr note yield declined two basis points to 4.57% and the 2-yr note yield fell six basis points to 4.88%.

The equal-weighted S&P 500 gained 0.6% and nine of the 11 S&P 500 sectors logged gains. The information technology sector (+1.6%) logged the biggest gains. The consumer discretionary sector (+1.6%) was another top performer.

The materials (-0.5%) and health care (-0.1%) sectors were alone in negative territory by the close.

S&P 500:+6.2% YTD
Nasdaq Composite: +5.5% YTD
S&P Midcap 400: +4.3% YTD
Dow Jones Industrial Average: +1.4% YTD
Russell 2000: -0.5% YTD
Reviewing today's economic data:

-Weekly Initial Claims 208K (Briefing.com consensus 213K); Prior was revised to 208K from 207K; Weekly Continuing Claims 1.774 mln; Prior was revised to 1.774 mln from 1.781 mln
With no change in initial jobless claims, the key takeaway also remains unchanged from last week: employers, in general, are reluctant to cut jobs, which will be interpreted to mean that they remain generally optimistic about demand. That's not a bad thing, unless one is hoping for a rate cut.
-March Trade Balance -$69.4 bln (Briefing.com consensus -$69.0 bln); Prior was revised to -$69.5 bln from -$68.9 bln
The key takeaway from the report was that exports (-$5.3 billion) and imports (-$5.4 billion) both decreased month-over-month, signaling some softness in global trade activity in March.
-Q1 Productivity-Prel 0.3% (Briefing.com consensus 0.8%); Prior was revised to 3.5% from 3.2%; Q1 Unit Labor Costs-Prel 4.7% (Briefing.com consensus 2.5%); Prior was revised to 0.0% from 0.4%
The key takeaway from the report is that unit labor cost number, stemming in part from a 5.0% increase in hourly compensation, which is still too far detached from an inflation-friendly reading insomuch as the Fed is concerned.
-March Factory Orders 1.6% (Briefing.com consensus 1.6%); Prior was revised to 1.2% from 1.4%
The key takeaway from the report is that there was a pickup in new orders in March for durable and nondurable goods, demonstrating that demand for manufactured goods has not fallen by the wayside.

Friday's economic calendar features:
-8:30 ET: April Nonfarm Payrolls (Briefing.com consensus 250,000; prior 303,000), Nonfarm Private Payrolls (Briefing.com consensus 175,000; prior 232,000), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%), Unemployment Rate (Briefing.com consensus 3.8%; prior 3.8%), and Average Workweek (Briefing.com consensus 34.4; prior 34.4)
-10:00 ET: April ISM Non-Manufacturing PMI (Briefing.com consensus 51.8%; prior 51.4%)