What's moving markets today: May 3, 2019

15 Posts
Sort byDropdown arrow
4:27 p.m. ET, May 3, 2019

Stocks finish higher; Nasdaq hit new record high

Stocks finished higher on Friday, with the Nasdaq hitting a new closing record.

  • The Dow finished 0.7%, or 195 points higher.
  • The S&P 500 gained nearly 1%, but fell just short of a new record.
  • The Nasdaq added 1.6%, closing at a new all-time high of 8,164.

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.

Caterpillar (CAT) and Intel (INTC) were led gainers in the Dow, closing 2.9% and 2.4% higher, respectively.

1:21 p.m. ET, May 3, 2019

Monster surges on earnings beat

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.

11:48 a.m. ET, May 3, 2019

Adidas stock hits record high

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.

Read the full story on Adidas solid quarter here.

11:49 a.m. ET, May 3, 2019

Stock are going strong an hour into trading

Two hours into trading, stocks continue to extend their gains.

The Dow, S&P 500 and Nasdaq are in the green. The latter having climbed the most at 1%.

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%.

12:47 p.m. ET, May 3, 2019

Amazon shares pop after Warren Buffett discloses stake

The news that Warren Buffett's company bought a stake in Amazon (AMZN) is sending is sending its stock up.

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.
9:37 a.m. ET, May 3, 2019

Stocks start strong after a better-than-expected jobs report

US stocks started stronger on Friday, with sentiment boosted by a stronger-than-expected jobs report.

  • The Dow opened 0.5%, or 130 points higher
  • The S&P 500 kicked off 0.5% higher
  • The Nasdaq opened up 0.7%

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 biggest gainer in the S&P was consumer products maker Newell Brands (NWL), followed by Monster Beverage Corp (MNST). They were up 8.5% and some 7%, respectively, after reporting earnings.

9:24 a.m. ET, May 3, 2019

US registers jobs growth for 100+ months in a row, posts biggest gains since January

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.

Read our full coverage of the report here.

8:50 a.m. ET, May 3, 2019

How the market is reacting to the strong April jobs report

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%.

9:21 a.m. ET, May 3, 2019

What analysts are saying about April's strong job numbers

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: