On April 4, 2024, in the trading hall of the New York Stock Exchange (NYSE) in New York City, the United States, traders displayed market information on the monitor.
Andrew Kelly | Reuters
U.S. stocks rose on Monday as Wall Street looked to build on the previous session’s strong gains after new jobs data revived hopes of a rate cut from the Federal Reserve.
this Dow Jones Industrial Average Up 169 points, or 0.4%.this S&P 500 Index up 0.5%, Nasdaq Index up nearly 0.6%.
Micron The stock rose more than 3% after Baird upgraded its rating on the stock to outperform from neutral and said he saw “significant opportunities ahead” for the stock.
New non-farm payrolls data on Friday showed that the U.S. economy added fewer jobs than expected in April and the unemployment rate rose, easing concerns about an overheating economy. The Dow Jones, S&P 500 and Nasdaq all rose more than 1% on Friday. Traders are excited that the Federal Reserve could start cutting interest rates earlier this year.
“With the Federal Reserve still keeping interest rates at restrictive levels, it is too early to declare that the U.S. economy has reached a soft landing,” said Bill Adams, chief economist at CITIC Bank. “But the April jobs report helps set the stage for that.” A goal clears the way.
Investors will get more clues on the Fed’s future actions on Monday when Richmond Fed President Tom Barkin and New York Fed President John Williams speak.
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While the peak of the first-quarter earnings season has passed, investors are still focused on major company releases this week, including Dow Jones components disney Tuesday and Uber Wednesday.
“First-quarter earnings rebounded better than expected, helped by margins,” Barclays’ Emmanuel Cau wrote in a note Friday. “While the misses were punished, But the overall profit elasticity has increased May have limited the stock market’s decline.
Saturday, Warren Buffett Berkshire Hathaway The report stated that first-quarter operating profit increased by nearly 40% year-on-year. Berkshire also held its annual shareholder meeting.
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