Stocks saw yet another quiet day following the release of a strong April jobs report.
All three major indices finished slightly up.
First up, the scoreboard:
- Dow: 20,993.31, +41.84, (+0.20%)
- S&P 500: 2,397.88, +8.32, (+0.35%)
- Nasdaq: 6,096.76, +21.24, (+0.35%)
- US 10-year yield: 2.349%, -0.007
- WTI crude: $US46.36, +0.84, +1.82%
1. US jobs made a comeback in April, and the unemployment rate dropped to the lowest in a decade. The US economy added 211,000 jobs following an expectedly weak March, and the unemployment rate dropped to 4.4%. “Businesses are certainly hiring and there’s no sign that we see of any bump in the road in hiring trends,” Tony Bedikian, head of global markets for Citizens Bank, told Business Insider.
2. However, wage growth slowed down and the labour force participation rate ticked down. Wages grew 2.5% from the previous year, falling below economists’ expectations of 2.7% and below the 2.7% rate in March. The labour force participation ticked down slightly to 62.9% from 63.0% in March.
3. Canada’s jobs report disappointed, snapping a multi-month long streak of solid gains. The economy added 3,200 jobs in April, below expectations of 10,000. Worse, full-time employment fell by 31,200. Most of the job gains were in part-time positions, which rose by 34,300.
4. Senate Republicans signalled they plan to gut the American Health Care Act and rewrite their own version of the bill. A group of Republican senators from across the ideological spectrum of the party has been meeting as a working group for weeks to formulate a bill that could get majority support in the Senate.
5. The US oil-rig count rose by six to 703, marking the 16th consecutive week of increases. That’s the highest level since the week of April 24, 2015. The data come at the end of an eventful week for commodities in which oil prices fell to the lowest level since November.
6. Traders are losing billions betting against the FANGs. Short sellers targeting Facebook, Amazon, Netflix, and Google (aka Alphabet) have absorbed a whopping $US3.3 billion loss in 2017, according to data compiled by financial analytics firm S3 Partners.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.