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On Friday U.S. stocks climbed, with the S&P 500 and Nasdaq 100 hitting fresh record highs led by tech, while the Dow traded choppily but finished slightly higher.
The S&P 500 advanced 61pts (+0.84%) to 7398, the Nasdaq 100 rose 671pts (+2.35%) to 29234, and the Dow increased 12pts (+0.02%) to 49609.
On the sector front, the outperforming sectors were Technology (XLK), Materials (XLB), and Consumer Discretionary (XLY) while Utilities (XLU), Health Care (XLV), and Financials (XLF) underperformed the most.
For the week, the S&P 500 rose 2.33% and Nasdaq 100 jumped 5.50% while the Dow added 0.23%. The top performing sector was Technology (XLK), which soared 8.43%, while Energy (XLE) underperformed the most, declining 5.35%.
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U.S. Economic Developments: |
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Nonfarm payrolls rose by 115,000 in April, beating the 95,000 consensus and down from a revised 185,000 in March (previously 178,000). The unemployment rate held steady at 4.3%, in line with expectations.
A preliminary May reading of the Michigan Consumer Sentiment Index registered 48.2, slipping from April’s 49.8 and missing the anticipated increase to 50.
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Apple (AAPL) rose 2.02% and Intel (INTC) jumped 13.93% after the Wall Street Journal reported a preliminary deal for Intel to manufacture some chips for Apple devices.
Microsoft (MSFT) fell 1.36% after hedge fund TCI sold nearly its entire $8 billion stake, citing concerns about Microsoft’s competitive position as AI threatens legacy software like Office.
Moderna (MRNA) surged 11.97% following President Trump’s address on the deadly Hantavirus outbreak and a commitment to provide a full update.
Micron (MU) and SanDisk (SNDK) climbed 15.49% and 16.60%, respectively, on reports of stronger demand and constrained memory-chip supply.
CoreWeave (CRWV) dropped 11.40% after quarterly sales guidance missed estimates.
Akamai Technologies (AKAM) rallied 26.58% after disclosing a seven-year, $1.8 billion cloud-infrastructure commitment from “a leading frontier model provider”. Quarterly earnings beat and revenue was in line.
Rocket Lab (RKLB) jumped 34.32% as quarterly sales beat estimates and backlog rose 20.2% to $2.2 billion.
Cloudflare (NET) plunged 23.62% after announcing plans to cut about 1,100 jobs, about 20% of the current staff. Current-quarter adjusted EPS guidance was also in line with expectations.
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At the European close, the major indices in the region finished lower. Germany's Dax fell 324pts (-1.32%) to 24338, France's Cac 40 declined 89pts (-1.09%) to 8112, and the U.K.'s FTSE 100 slid 43pts (-0.43%) to 10233. President Trump warned he could raise tariffs to "much higher" levels if the European Union does not ratify a U.S. trade deal by July 4.
On the economic front, Germany's industrial production decreased 0.7% in March vs +0.3% expected and -0.3% in February. In addition, Germany's trade surplus narrowed to 14.3 billion dollars in March (17.8 billion dollars anticipated) from 19.6 billion dollars in February.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX added 0.11pts (+0.64%) to 17.19 and the US 10 year yield fell to 4.362%.
Precious Metals & Crude:
In the commodities market, Gold rose 29.43 dollars (+0.63%) to 4714.61 and Silver gained 1.85 dollars (+2.36%) to 80.33.
WTI Crude Oil slipped 0.05 dollars (-0.05%) to 94.76. The U.S. military reported strikes on Iranian military targets in retaliation against Iran's attack on three US destroyers in the Strait of Hormuz. Despite this escalation, President Trump said the ceasefire is still in effect.
The Dollar & Majors:
The dollar index decreased 0.19pts (-0.19%) to 97.879.
EUR/USD increased 59pips (+0.5%) to 1.1784.
GBP/USD climbed 80pips (+0.59%) to 1.3631.
USD/JPY fell 20pips (-0.13%) to 156.71.
USD/CHF slipped 38pips (-0.49%) to 0.7763.
AUD/USD rose 36pips (+0.5%) to 0.7245.
USD/CAD advanced 18pips (+0.13%) to 1.3682. Canada's unemployment rate rose to 6.9% in April, above the 6.7% forecast. Full-time employment fell by 46,700, which was an unexpected reversal from the anticipated gain of 18,000 jobs.
Digital Assets:
Bitcoin rose 325 dollars (+0.41%) to 80194 and Ethereum gained 22 dollars (+1%) to 2311.
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