(Tiper Stock Exchange) – Wall Street is moving positivelyafter that the US economy unexpectedly created jobs at a faster pace than expected in April. Nonfarm payrolls increased by 253,000 last month, compared to a downwardly revised reading of 165,000 in March, according to data from the Bureau of Labor Statistics. Analysts had forecast, on average, that figure would rise to 180,000.
The labor market report comes after the Fed raised its key interest rate by 25 basis points as expected on Wednesday, with Chairman Jerome Powell saying it was too early to say for sure that the rate-hiking cycle was over.
Among the positive news is the quarterly of Applewhich reported better-than-expected results, aided by strong iPhone sales and by the notable forays into India and other new markets. Management also noted that gross profit margins for the current quarter are expected to be better than forecasts on improving supply chain issues.
Attention continues to be high on the banking sectorand especially on some medium-sized institutions as PacWest And Western Alliance. The latter denied reports in the financial press that suggested it was exploring a potential sale.
Yesterday, i Fed balance sheet data as at 3 May they showed a correction in emergency loans of -74 billion, with the use of the discount window down by -68.5 billion to 5.3 billion and the use of the Bank Term Funding Program down by -5 .5 billion to 75.7 billion. “The large contraction in lending is due to the negative contribution related to First Republic, which at the end of March held $63 billion in loans from the discount window and $14 billion in BTFP,” noted analysts at Intesa Sanpaolo – Overall then emergency lending for the rest of the banking system remained roughly unchanged“.
Among the others quarterlystand out those of Warner Bros. Discoverywhich posted a massive loss in Q1 2023 but signaled positive momentum from streaming, and Cignawhich raised its 2023 guidance after a positive first quarter.
TO Wall StreetThe Dow Jones continues the day with an increase of 1.42%, to 33,599 points, thus blocking the bearish trail supported by four consecutive declines, which started last Monday; along the same lines, theS&P-500 gains 1.27% over the previous session, trading at 4,113 points. Salt the NASDAQ 100 (+0.87%); on the same trend, positive theS&P 100 (+1.26%).