Apple and lower-than-expected employment boost Wall Street – Markets

The slowdown in job growth in the US boosted North American stock markets this Friday. Expectations were that, in April, 240,000 jobs would be created in the country, but the economy ended up generating only 175,000. The number is justified by the restrictive economic policy of the US Federal Reserve (Fed), which, by deciding to keep interest rates at the highest value in the last 23 years, led to a contraction of the labor market – which is now increasing , expectations of a cut in interest rates later this year.

“The report [sobre o emprego] It’s neither too hot nor too cold, and that’s exactly what the Fed wants,” he said. Peter Cardillo, market economist at Spartan Capital Securities, told Reuters. “More evidence is needed, but if we continue on this path, the timing for cutting interest rates could even change. It could even mean that instead of one, we could be looking at two cuts this year,” he concluded. .

The three main North American market indices closed in positive territory. The benchmark S&P 500 index rose 1.26% for 5,127.79 points and the industrial Dow Jones appreciated 1.18% for 38,675.68 points. Assisted by Apple’s big gains, the tech-heavy Nasdaq Composite gained 1.99% for 16,156.33 points.

The technology giant saw its shares grow 5.97% for 183.36 dollars, after presenting quarterly accounts above expectations. Apple’s turnover grew to 90.8 billion dollars, when analysts predicted 90.4 billion. Despite this, sales ended up decreasing by 4%, when compared to the same period last year, with an 8% decrease in Apple’s revenue in Greater China. The company also announced a $110 billion share buyback program.

The biotech Amgen also saw its shares appreciate, climbing 11.84% to 311.34 dollars, growth attributed to its quarterly accounts and encouraging internal data on its weight-loss drug, MariTide. The biotechnology company reported earnings per share in the first quarter of the year of $3.96, higher than the forecast of $3.89.

The “earnings season” is now reaching its final stage. Of the 500 companies that are part of the S&P index, 397 have already presented their results – and 77% of them had accounts above what analysts expected, according to data from LSEG data, accessed by Reuters.