What's moving markets today: May 3, 2019
Stocks finished higher on Friday, with the Nasdaq hitting a new closing record.
Shares in the basic materials sector led top gainers in the Nasdaq, helping it to its fresh high. Pulp mill operator Mercer International (MERC), for example, gained 23.7%.
In the S&P, Newell Brands (NWL) was a top performer all day and finished 13.5% higher.
Shares of Monster Beverage (MNST) spiked about 9% on Friday after the energy drink company posted good first-quarter results late Thursday.
The energy drink maker's net sales grew 11.2% for the quarter, reaching $946 million and beating Wall Street's expectations.
The company said the growth was driven by its core Monster Energy and Reign Total Body Fuel drinks.
Even though investors are cheering the results, Wells Fargo analyst Bonnie Herzog is urging caution because of an increasingly crowded energy drinks market, including Coca-Cola's new energy drink, among others.
We're not totally done with records after all, it seems.
Adidas (ADDDF) shares climbed nearly 7% to an all-time high on Friday, after the company reported a whopping 40% increase in online sales.
Adidas' main problem? It can't make enough sportswear to keep up with the massive global demand.
Two hours into trading, stocks continue to extend their gains.
Microsoft (MSFT) is the strongest gainer in the Dow, up 1.5%. The tech company and the largest US bank by assets, JPMorgan (JPM), announced a partnership on Thursday. Microsoft's Azure cloud platform will power JPMorgan's Quorum blockchain platform.
In the S&P, consumer products maker Newell Brands (NWL) is leading top performers, gaining more than 12%.
Amazon's shares are up 3% today. The stock is now up 30% for the year.
The exact amount will be disclosed in Berkshire Hathaway's (BRKA) quarterly report to the Securities and Exchange Commission later this month.
Yeah, I've been a fan, and I've been an idiot for not buying" Amazon shares, Buffett previously told CNBC.
US stocks started stronger on Friday, with sentiment boosted by a stronger-than-expected jobs report.
US Steel (X) is a heavily trafficked stock this morning, climbing 4% at the open. The company announced a $1.2 billion investment in new facilities yesterday.
The jobs report shines a light on just how strong the US labor market has been.
April was the 103rd consecutive month of job creation in the country, and unemployment fell to 3.6% -- its lowest since December 1969.
The jobs report painted a picture of a healthy labor market. Here's how the market reacted:
- Futures for the Dow, S&P 500 and Nasdaq Composite remained in the green, pointing to stocks opening higher at the open. Futures registered a brief dip before climbing higher.
- The US dollar, measured by the ICE US Dollar Index, was also stronger, up 0.1% at 98.023. That's the highest level since Monday.
- The 10-year US Treasury yield was little changed at 2.55%.
The US economy added 263,000 jobs in April, and the unemployment rate dropped to 3.6%. Here's how analysts are reacting.
Edward Moya, senior market analyst at Oanda:
The Fed may have been right about the transitory effects we are seeing with inflation. The economy is performing nicely, wages did not go up as much as economists expected, but steady wages could help inflation stabilize in the coming months."
Elise Gould, senior economist at Economic Policy Institute:
Wage growth held steady at 3.2 percent, where it has hovered for the past nine months. That’s higher than much of the recovery, but still below the 3.5 percent level that would be consistent with the Fed’s targets for inflation and long-term potential productivity growth. Hopefully, as employment continues to rise, workers will see a sustained period of stronger wage growth, enabling them to claw back the labor share of corporate sector income that remains weak.
Gregory Daco, chief US economist at Oxford Economics' tweeted this: