TLDR

MARKET RECAP → Stocks soared on Friday, rallying over hopes for impending rate cuts by the Federal Reserve after a milder-than-anticipated April jobs report. The Dow (DIA) surged by more than 400 points, wrapping up a triumphant week across all major indexes.

LABOR MARKET COOLS → 📊 April's job additions fell short at 175,000 with a rising unemployment rate to 3.9% and slower wage growth, sparking hope for potential Federal Reserve rate cuts amidst a moderating economy.

APPLE SOARS POST-EARNINGS → 🍏 Apple (AAPL) stock surged 6% with a record $110 billion buyback after Q2 earnings topped expectations, despite a sales dip, fueling optimism for AI-driven future upgrades.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Labor Market Cools

📉 Job Growth Falls Short: U.S. employers added 175,000 jobs in April, missing the expected 240,000. The unemployment rate rose to 3.9%, marking the highest level since January 2022, signaling a cooling labor market which may influence the Federal Reserve's interest rate decisions.

💵 Wage Growth Slows: Average hourly earnings increased by only 0.2% from the previous month and 3.9% year-over-year, both figures coming in under expectations. This deceleration in wage growth hints at easing inflationary pressures, potentially allowing for a more lenient monetary policy moving forward.

📊 Market and Federal Reserve Implications: The softer job figures led to a drop in Treasury yields and fostered a market environment that could see interest rate cuts by the end of 2024. The report's implication of a slowing yet ongoing growth sets a potentially "Goldilocks" scenario for the economy, where the pace may not compel further tightening from the Fed.

TODAY’S TOP NEWS

Apple Soars Post-Earnings

📈 Historic Stock Surge: Apple's (AAPL) shares jumped over 6% after reporting second-quarter earnings that exceeded expectations, setting the stage for their best day since November 30, 2022. The tech giant announced a monumental $110 billion stock buyback program, the largest in U.S. history, further boosting investor confidence.

💸 Earnings and Sales Overview: Despite a 4% dip in total sales and a 10% drop in iPhone sales year-over-year, Apple outperformed analyst predictions with earnings of $1.53 per share on $90.75 billion in revenue. This mixed financial performance reflects challenges from a high comparison base year but maintains strong market interest.

🔍 Analysts Bullish on Future Prospects: Analysts from major firms like Bank of America and JPMorgan (JPM) reiterated their positive outlook on Apple, adjusting their price targets upward based on Apple's resilience in iPhone revenues and potential upcoming product innovations, including AI features expected to drive new upgrade cycles.

BULL VS. BEAR

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