TLDR

MARKET RECAP → Stocks climbed Friday after April’s stronger-than-expected jobs report calmed recession worries and set the S&P 500 (VOO) on track for its longest winning streak in more than 20 years.

U.S. PAYROLL GROWTH TOPS FORECASTS → 👷‍♂️ April’s jobs report surprised to the upside with 177,000 new payrolls, suggesting the labor market still had some fight left—just in time to delay recession panic by at least another month.

UBER TAPS MOMENTA FOR EU ROBOTAXIS → Uber is hitching a ride on Momenta’s self-driving tech to launch robotaxis in Europe by 2026, marking its first major autonomous play abroad since selling its own AV unit. 🚖

BLOCK TANKS ON CASH APP WOES → Block shares plunged over 20% after weak Cash App growth and missed earnings triggered analyst downgrades, while rival Venmo quietly stole the spotlight. 📉

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TODAY’S TOP NEWS

U.S. Payroll Growth Tops Forecasts

Nonfarm payrolls rose by 177,000 in April, beating Wall Street’s 133,000 estimate despite a slight slowdown from March. The unemployment rate held steady at 4.2%, while broader measures of joblessness edged down, signaling a still-resilient labor market.

Health care led job creation with 51,000 new positions, followed by transportation, warehousing, and financial activities. Meanwhile, government jobs dipped and manufacturing lost 1,000, but those declines were not enough to offset overall gains.

Average hourly earnings rose just 0.2% on the month and 3.8% year-over-year—both softer than expected. Traders pushed expectations for a Fed rate cut to July, as strong jobs data offset early signs of tariff-related headwinds.

TODAY’S TOP NEWS

Uber Taps Momenta For EU Robotaxis

🐶 Uber partnered with Chinese autonomous driving company Momenta to launch robotaxi services in Europe by early 2026, combining its global ride-hailing network with Momenta’s self-driving tech.

🚗 The pilot program will begin with safety operators in the vehicle, marking Uber’s first major international AV deployment since offloading its own self-driving unit to Aurora in 2020.

📉 With competition intensifying in the robotaxi space, Uber is doubling down on partnerships—after U.S. collaborations with Waymo and Motional—as it aims to remain relevant in a driverless future.

TODAY’S TOP NEWS

Block Tanks On Cash App Woes

💥 Block shares cratered over 20%, marking their second-worst trading day, after a disappointing Q1 earnings report revealed flat Cash App growth, weak inflows, and missed expectations across revenue, gross profit, and payment volume.

📉 Monthly Cash App users stalled at 57 million, with inflows rising only 8% despite new features like Afterpay. Analysts — including Wells Fargo, Seaport, and BMO — downgraded the stock, citing monetization red flags and macro headwinds.

📊 While some optimism remains on lending via Cash App Borrow and Square's international momentum, competitors like Venmo are pulling ahead with strong monetization and checkout adoption, leaving Block scrambling to defend wallet share.

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