US stocks moved higher on Friday after April jobs data came in stronger than expected, easing concerns about a weaker labor market. The gains also followed a rebound in chip stocks, while investors monitored fresh developments between the US and Iran.
The S&P 500 and NASDAQ Composite advanced during Friday trading, with both indexes heading toward another weekly gain. The S&P 500 was on track for its sixth straight winning week, supported by steady earnings and renewed buying in technology shares.
The Labor Department reported that US employers added 115,000 jobs in April. Economists polled by Dow Jones had expected 55,000 jobs. The unemployment rate held steady at 4.3%, matching forecasts.
The data reduced fears that the labor market was cooling too quickly. However, April’s job growth remained below March’s 185,000 gain, showing slower hiring even as the market stayed stable.
The stronger jobs report helped lift investor sentiment at the open. At 9:30 a.m. ET, the Dow Jones Industrial Average rose 209.88 points, or 0.42%, to 49,806.85. The S&P 500 gained 32.78 points, or 0.45%, to 7,369.89, while the NASDAQ Composite added 146.89 points, or 0.57%, to 25,953.09.
Chip stocks helped support the broader market after a weak session on Thursday. Micron Technology climbed 9%, while Qualcomm gained 6%. NVIDIA also moved higher in early trading after recent pressure on semiconductor companies.
Microchip Technology rose in premarket trading after issuing a first-quarter revenue forecast above analyst estimates. The company pointed to the demand for chips used in industrial and automotive markets.
The sector has gained sharply this year due to strong spending on artificial intelligence infrastructure. However, some investors paused buying earlier in the week as valuations in the semiconductor trade drew closer attention.
Barclays strategist Emmanuel Cau warned that market gains may need wider support beyond chips. “The semis trade is arguably starting to look extended,” he said, adding that further gains may depend on progress around the Strait of Hormuz.
Investors also watched the latest US-Iran developments after both sides exchanged fire near the Strait of Hormuz. The waterway remains important for oil and liquefied natural gas shipments.
Oil prices moved between small gains and losses during the session. West Texas Intermediate crude traded near $94 per barrel, while Brent crude stayed close to $101 per barrel.
President Donald Trump said on Truth Social that there was ‘no damage done to the three Destroyers, but great damage done to the Iranian attackers.’ He also said the ceasefire remained in place and described the strikes as ‘just a love tap.’
Iranian state media reported that Iran was reviewing messages from the US through Pakistani mediators. Secretary of State Marco Rubio told reporters that the US ‘should know something today,’ leaving investors waiting for more clarity.
All three major US indexes were set to close the week higher. The NASDAQ was on pace for a weekly gain of about 3%, helped by strong tech earnings and renewed demand for chip shares.
The S&P 500 was heading for a weekly rise of about 2%, while the Dow was up around 0.7% for the week. The S&P 500 and NASDAQ had touched fresh record highs in the previous session before giving back gains.
Some stocks still moved lower after company updates. Cloudflare fell after announcing job cuts and giving a revenue forecast below Wall Street expectations. Trade Desk declined after a weaker revenue outlook, while CoreWeave dropped after raising the lower end of its capital spending forecast.
Expedia also slipped after warning that the Middle East conflict was weighing on travel demand. However, stronger jobs data and chip stock gains kept the broader market in positive territory.
Overall, US stocks advanced as stronger jobs data and a chip stock rebound supported market sentiment, while oil prices and US-Iran tensions remained key risks.
Also Read: US Stock Market Today: Wall Street Rises as AI Chip Stocks Gain and Energy Shares Fall on Oil Drop
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