#USA_stocks #rose Friday, on track to post weekly gains on the back of a strong earnings season and hopes for monetary easing.
At 09:35 ET (13:35 GMT), the #Dow_Jones Industrial Average rose 80 points, or 0.2%, the S&P 500 gained 13 points, or 0.3%, and the NASDAQ Composite climbed 40 points, or 0.2%.
The main #Wall_Street indexes are on course to post weekly gains of between 1% and 2%.
Cooling labor #market points to #rate cuts
Weaker than expected jobs data have raised hope that the U.S. #Federal #Reserve will start cutting interest rates later this year.
Fed Chair Jerome Powell last week basically ruled out the next move being a hike, and although Fed officials have warned about inflation being too high, investors are looking to September for the start of the Federal Reserve’s rate-cutting cycle.
The CME Fedwatch tool showed traders pricing in a nearly 50% chance the Fed will cut rates by 25 basis points in September.
That said, sticky inflation remains a point of concern, putting the focus squarely on a consumer price index inflation reading for April, due next week. The reading is expected to moderate after overheated prints for the past three months, but is still likely to remain above the Fed’s 2% target.
A slate of central bank officials are scheduled to speak Friday, including Fed presidents Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Austan #Goolsbee of Chicago.
The preliminary reading of the University of Michigan’s consumer sentiment index for May is the highlight of an otherwise quiet day on the economic calendar on Friday.
#Positive 3earnings season #boosts #sentiment
Helping the overall tone has been a generally strong earnings season.
Well over 80% of the S&P 500 have reported first quarter results, and companies are on track to have increased earnings by 7.8%, up from an expectation of 5.1% growth in April, according to LSEG IBES.
Major corporate earnings were thin on the ground Friday.
Cloud services firm Akamai Technologies (NASDAQ:#AKAM) dropping 9% after posting disappointing guidance for the current quarter and for 2024, and videogame software developer Unity Software (NYSE:#U) fell 1.3% after its quarterly earnings per share missed estimates.
Elsewhere, Novavax (NASDAQ:#NVAX) #stock more than doubled stock after the biotech company signed a deal with French drugmaker Sanofi (NASDAQ:#SNY) to develop its Covid vaccine starting next year.
By contrast, Moderna (NASDAQ:#MRNA) stock fell 1% after the drugmaker announced that the Food and Drug Administration has delayed the approval of its vaccine for respiratory syncytial virus to the end of May due to “administrative constraints” at the agency.
Electric vehicle manufacturer Tesla (NASDAQ:#TSLA) rose 0.2% following reports that the U.S. was preparing more tariffs against Chinese companies, that were specifically aimed at EVs and other key sectors.
#Oil set for weekly gain
Crude prices rose Friday, on track for a weekly gain, after this week’s data from the U.S. and China — the world’s two largest crude users — pointed to higher demand.
By 09:35 ET, the U.S. crude futures #traded 0.7% higher at $79.84 per barrel, while the Brent contract climbed 0.5% to $84.33 a barrel.
Both contracts were on pace to gain about 2% each this week after suffering steep losses in the prior week.
#Stronger-than-projected overall import data from China, the world’s biggest oil importer, coupled with a fall in U.S. crude inventories, has raised hopes that global oil demand was improving.
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