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#USA_stock futures surge on #payrolls #disappointment; #Apple helps #sentiment :

#Wall_Street

 

#USA_stock index futures rose further Friday after the key monthly employment report showed slowing jobs #growth, raising hope that the #Federal #Reserve could ease interest #rates relatively shortly.

AT 08:40 ET (12:40 GMT), #Dow_Jones Futures rose 505 points, or 1.3%, S&P 500 Futures lifted 60 #points, or 1.2%, and #Nasdaq 100 Futures climbed 280 points, or 1.6%. 

#Nonfarm payrolls shows slowing jobs growth

The #USA_economy added jobs at a slower rate in April, with only 175,000 #jobs added last month, compared with a revised 315,000 in March, potentially impacting when the #Federal_Reserve decides to roll out possible interest rate reductions this year. 

The unemployment rate also rose to 3.9% in April, climbing from 3.8% the prior month, but still the 27th consecutive month that the jobless rate has been below 4%. Crucially average hourly earnings growth slowed to 0.2% on the month.  

This reading comes after a Fed meeting earlier this week, where the central bank warned that interest rates will remain high for longer in the face of sticky inflation, although the #central_bank also indicated it will not raise rates any further.

#Apple surges on earnings, buyback 

Stronger than expected earnings from #Apple (NASDAQ:#AAPL) had earlier boosted sentiment, as declines in the tech giant’s revenues and earnings were not as deep as expected, although revenue from #iPhone sales still missed expectations. This came amid softening demand and increased competition across its major markets, specifically #China. 

But Apple’s services revenue beat expectations, while the firm forecast a return to revenue growth in the June quarter. 

Apple’s shares were also boosted by a record $110 billion stock buyback, while the firm also increased its dividend payout. 

#Block_surges on Q1 beat; Coinbase, Cloudflare sink

Other companies in the spotlight Friday include Block (NYSE:#SQ), after the payments firm surged 9% premarket after its first-quarter earnings topped estimates. The firm also revealed that it had been steadily investing in Bitcoin.

#Amgen (NASDAQ:#AMGN) #Stock surged 14% premarket after the biotechnology firm expressed confidence after completing an interim analysis of its mid-stage study of experimental weight-loss drug MariTide.

#Cryptocurrency exchange Coinbase (NASDAQ:#COIN) fell 3% even as its quarterly earnings beat expectations, as pressure came chiefly from a sustained slump in cryptocurrency prices.

#Cybersecurity firm #Cloudflare (NYSE:#NET) slid 13% after weak guidance overshadowed strong quarterly earnings.

Crude on track for hefty weekly losses

#Crude prices edged higher from near seven-week lows Friday, but were headed for steep losses this week on demand uncertainty, robust U.S. stockpiles and easing tensions in the #Middle_East.

By 08:40 ET, the U.S. crude futures traded 0.5% higher at $79.33 a barrel, while the Brent contract climbed 0.5% to $84.06 per barrel.

Both benchmarks were set to lose between 5% and 6% this week, as investors worried about the prospect of higher-for-longer interest rates curbing growth in the U.S., the top global oil consumer, and in other parts of the world.

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