From Yahoo Finance: 2024-05-03 08:32:12

US stocks surged on Friday as Apple’s upbeat earnings lifted spirits and a weaker-than-expected jobs report fueled hopes of a Fed rate cut. Dow Jones futures climbed 1.3%, S&P 500 futures rose 1.1%, and Nasdaq 100 contracts were up 1.6%. Apple’s quarterly profit beat expectations, surprising with better-than-expected Chinese revenue. The April jobs report showed a cooling labor market, adding 175,000 jobs with a 3.9% unemployment rate. Traders now see a 50% chance of a rate cut at the Fed’s July meeting. Apple shares rose 7% in pre-market trading, boosting the Dow alongside Amgen, whose shares surged 13%. CEO Tim Cook emphasized Apple’s AI plans and announced a historic $110 billion stock buyback.



Read more at Yahoo Finance: Stock futures surge after soft jobs report, Apple earnings triumph