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Key Takeaways
- U.S. equities were higher at midday Friday, May 3, 2024 after the Labor Department reported fewer-than-anticipated jobs were created in April, raising hopes the Fed will cut interest rates.
- Apple helped boost the tech sector as the iPhone maker posted better-than-expected results, raised its dividend, and announced a record-setting stock buyback.
- Expedia Group and Ingersoll Rand cut their guidance, and shares of both companies tumbled.
U.S. equities jumped at midday as a report showing weaker-than-expected job creation in April boosted optimism the Federal Reserve may cut interest rates. The Dow and S&P 500 advanced more than 1%, while the Nasdaq rose over 2%. The yield on the 10-year Treasury note fell.
Apple (AAPL) shares gained after the iPhone maker beat profit and sales estimates, announced the biggest stock buyback in U.S. history, and raised its dividend.
Amgen (AMGN) was the best-performing stock in the S&P 500 after CEO Robert Bradway gave an “encouraging” update on the biotech’s experimental obesity treatment.
Shares of Live Nation Entertainment (LYV) soared as the Ticketmaster owner beat sales forecasts on booming demand and higher prices for concert tickets.
Fortinet (FTNT) shares slumped after the cybersecurity firm reported a drop in billings and product revenue.
Shares of Expedia Group (EXPE) tumbled as the online travel site lowered its guidance on weak performance from its vacation rental platform Vrbo and its business-to-consumer segment.
Ingersoll Rand (IR) also slashed its outlook as first-quarter orders declined, and shares sank.
Oil and gold futures lost ground. The U.S. dollar slipped against the euro, pound, and yen. Prices for most major cryptocurrencies were up.
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Correction—May 3, 2024: This article has been updated to correct its date.