S&P 500 (^GSPC)
| Previous Close | 5,064.20 |
| Open | 5,122.78 |
| Volume |
| Day's Range | 5,101.22 - 5,139.12 |
| 52 Week Range | 4,084.73 - 5,264.85 |
| Avg. Volume | 4,043,209,677 |
- Yahoo Finance Video
These three things released bond market 'pressure': Strategist
Stocks are on the rise as bond yields slump following the April jobs report. Morgan Stanley Investment Management Co-Head of Broad Markets Fixed Income Vishal Khanduja joins Morning Brief to break down what the weaker-than-expected report means for the economy. April saw an unexpected jump in unemployment as hiring and wage growth both slowed. Khanduja notes that following the Fed's decision to leave rates unchanged, the bond market is at a point "where it releases a lot of that pressure that was building up." Khanduja says there were three things that happened this week to help relieve that pressure: the US Treasury's quarterly refunding announcement, a more "dovish FOMC," and the cooler April employment report. He tells Brad Smith and Akiko Fujita that two to three more reports like April's could guide the Fed's decision to move toward cuts. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl
- Yahoo Finance Video
April jobs data, Apple earnings, Block and bitcoin: 3 Things
US stock futures (^DJI, ^IXIC, ^GSPC) are ripping higher ahead of Friday's session open after the US Bureau of Labor Statistics reported 175,000 jobs were added to the US economy, a cooler print than previous months seen so far in 2024. What does this mean for interest rate cut hopes? Apple (AAPL) stock is rising in pre-market trading after topping fiscal second-quarter earnings estimates on Thursday, despite reporting falling iPhone sales year-over-year. Lastly, Block (SQ) shares are popping after reporting plans to focus more on bitcoin (BTC-USD) in its latest earnings report. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
- Yahoo Finance Video
Fed's messaging unleashed significant tailwinds: Apollo's Sløk
Federal Reserve officials are holding interest rates higher for yet another month as Fed Chair Jerome Powell is prioritizing easing inflation data over possible rate cuts. Apollo Global Management Chief Economist Torsten Sløk — who was one of the earliest on Wall Street to believe the Fed wasn't going to cut rates at all this year — joins Market Domination to discuss what the Fed's latest monetary policy is signaling about the rate environment. "I don't think this was their intention, I think that they just looked very innocently at the dual mandate that they had been given by Congress — inflation should be 2%, we should have full employment — and they said... maybe we don't need to have interest rates so high anymore," Sløk says about the Fed's messaging. "What they didn't recognize, and maybe only realized later, was that when you, after several years of having said interest rates are going up, up, up, you did not have many IPOs, you did not have much M&A activity. So as a result of that, that has now been unleashed and that is, as we speak, creating much more activity in capital markets, much more consumer spending... because we now have a significant tailwind because of that signal change." Sløk goes on to estimate the chances of a rate cut to occur this year and how these economic uncertainties are manifesting in equity markets (^DJI, ^IXIC, ^GSPC), even small-cap stocks in the Russell 2000 (^RUT). Disclosure: Apollo Global Management is the parent company of Yahoo and Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan.
