US Stocks Gain as Weak Jobs Data Fuels Fed Cut Bets
In afternoon trading, U.S. stocks experienced an upward trend as investors evaluated revised labor statistics revealing that the U.S. added 911,000 fewer jobs than initially reported for the year ending in March, marking the most significant downward adjustment since 2002. Both the S&P 500 and Nasdaq 100 rose by 0.2%, maintaining the market's position close to record highs despite indications of a slowing economy, while the Dow Jones increased by over 200 points. The diminished job outlook has heightened expectations for the Federal Reserve to lower rates at its upcoming meeting, with discussions now centering on the potential size of the rate cut. The energy sector led the gains, with materials trailing behind. Among major companies, Meta climbed 1.3% and Alphabet rose 1.1%, whereas Apple declined by 1.5% following the introduction of its new iPhone 17 lineup, raising questions about whether the updates will sustain consumer demand. Attention now turns to the upcoming Producer Price Index (PPI) and Consumer Price Index (CPI) reports later this week, which will be pivotal in shaping Federal Reserve policy decisions.
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