Stocks Rally As Jobs Report Rekindles Rate Cut Hopes, Apple Rockets, Bitcoin Soars Above $61,000: What's Driving Markets Friday?
Portfolio Pulse from Piero Cingari
A weaker-than-expected jobs report led to a market rally, with hopes of interest rate cuts. The S&P 500 and Nasdaq 100 saw significant gains, with Apple Inc. surging nearly 7% after announcing a $110-billion buyback program. The iShares Russell 2000 ETF also rose. Cryptocurrencies, including Bitcoin, gained, with Bitcoin surpassing $61,000. Various stocks moved on earnings reports, with notable rises in Amgen Inc. and MercadoLibre Inc., and declines in Expedia Group Inc. and Fortinet Inc.
May 03, 2024 | 5:51 pm
News sentiment analysis
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POSITIVE IMPACT
Apple Inc. surged nearly 7% after announcing a record $110-billion buyback program and beating earnings and revenue estimates.
Apple's significant buyback program and earnings beat are likely to boost investor confidence and demand for AAPL shares in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Amgen Inc. rose over 13% following upbeat quarterly results.
Amgen's positive earnings report significantly exceeded market expectations, driving a sharp increase in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
iShares Russell 2000 ETF rose by 0.9%, benefiting from the overall market rally.
The market rally, spurred by the jobs report, positively impacted small-cap stocks, as reflected in IWM's performance.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Expedia Group Inc. saw its stock price decline over 13% following its earnings report.
Expedia's earnings report likely disappointed investors, leading to a significant drop in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90