Stock futures jumped sharply Friday as parsed through a softer jobs report for April and yields dropped.
Futures tied to the Dow Jones Industrial Average gained 290 points, or 0.8%. S&P 500 futures rose 0.4%, while Nasdaq 100 futures advanced about 0.6%.
The nonfarm payrolls report showed 175,000 jobs gained in April, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate rose to 3.9%, versus 3.8% in the prior month, according to the Bureau of Labor Statistics.
In extended trading, Apple advanced more than 6% after it announced a $110 billion share repurchase and a top -and bottom-line beat. Biotech Amgen surged 14% after posting better-than-expected earnings and revenue numbers, while Cloudflare lost 14% after reporting weak guidance on revenue for the full year.
The three major U.S. stock indexes ended Thursday higher. The S&P 500 popped 0.91%, while the Dow gained 0.85%. The Nasdaq Composite outperformed and gained 1.51%.
Despite Thursday’s bounce, the major averages remain on pace to end the week in negative territory. The S&P 500 is off by 0.7% week to date, while the Nasdaq is down nearly 0.6%. The Dow is down 0.04% for the period.
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Author: Paul Bedard
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