(Finance) – Wall Street is moving sharply higherwith investors interpreting the slowdown in the US labor market as an indication that the Federal Reserve may be able to begin cut interest rates as early as September.
According to data provided by the Bureau of Labor Statistics before the market opened, in April the non-farm payrolls rose by 175,000 units, lower than expected by 238 thousand units and the smallest gain in six months. Furthermore, the unemployment rate it rose to 3.9% and wage increases slowed.
“The report represented a big sigh of relief for the markets, with a weaker labor market and, above all, a weaker reading of average hourly earnings – commented Matt Peron, Global Head of Solutions at Janus Henderson Investors – Overall, this should give the markets some hope that inflation is not so persistent as feared and increase the possibility of returning to the disinflationary trend that we saw last year”.
Among the corporate stories of the day, eyes on Appleafter the company reported a better-than-expected first quarter and announced the largest stock buyback in US history; Amgen Instead, it is receiving attention after the CEO said he was “very encouraged” by the early results of a study on the company’s experimental obesity drug.
Looking at the main indices of the US stock marketThe Dow Jones it is up by 1.13%, continuing the series of three consecutive increases that began last Wednesday; along the same lines, positive performance for theS&P-500, which continues the day with an increase of 1.02% compared to the close of the previous session. Effervescent the Nasdaq 100 (+1.69%); as well, rising theS&P 100 (+1.16%).