whiterabbitslotfree|早盘：美股继续上扬 道指涨逾500点

On the evening of the 3rd Beijing time, US stocks continued to rise in early trading on Friday, with the Dow up more than 500 points. Us bond yields plummeted. Us non-farm payrolls data for April fell far short of expectations, with rising unemployment and slowing wage growth rekindling expectations of a Fed rate cut this year.

The Dow rose 511.Whiterabbitslotfree.99 points, an increase of 1Whiterabbitslotfree.34% to 38737.65; the Nasdaq rose 301.45, or 1.90%, to 16142.41; and the S & P 500 rose 66.03, or 1.30%, to 5130.23.

Investors in US stocks welcomed it on Friday.WhiterabbitslotfreeThere are closely watched non-farm payrolls data for April. The across-the-board weakness revived expectations that the Fed would cut interest rates by 25 basis points twice in 2024.

Jamie Cox, managing partner of Harris Financial Group, saidWhiterabbitslotfreeNon-farm data are generally weak, which is good for the market as a whole. Weak wage growth will help dispel fears of a massive rebound in inflation. "

Employers scaled back hiring in April, unemployment rose unexpectedly and wage growth slowed, according to the latest data released by the Bureau of Labor Statistics on Friday, suggesting that the labor market is cooling after strong growth at the start of the year.

Non-farm payrolls in the United States rose by 175000 after the quarterly adjustment in April, the lowest increase since October 2023, below expectations of 243000 and a previous figure of 303000. The US unemployment rate unexpectedly rose to 3.9 per cent in April and the market is expected to remain unchanged at 3.8 per cent.

The average hourly wage rose 0.2% month-on-month in April, lower than expected and 0.3% earlier.

According to the revision of previous data, non-farm payrolls were revised down from 270000 to 236000 in February and from 303000 to 315000 in March. After these revisions, the total number of new jobs created in February and March was 22000 lower than that before the revision.

After the release of non-farm data, US interest rate futures now suggest that the Fed will cut interest rates twice by 25 basis points in 2024. Traders advanced their expectations of the Fed's first rate cut from November to September.

Chris Anstey, an analyst, said lower-than-expected wage growth in the non-farm report was probably the biggest problem. It should also be noted that the revision to the previous two months resulted in a cumulative loss of employment by 22000. This is a report of overall weakness.

Analyst Joseph Richter believes that compensation data may be the most noteworthy data point in this non-farm report. In the past three months, the average hourly wage growth rate was only 0.23%, compared with 0.4% in the first three months. The slowdown in wage growth is likely to be the driving force behind the improvement in non-housing service inflation data in the coming quarters.

Richard Flynn, general manager of Schwab Financial, said: "the latest non-farm payrolls report shows that demand in the labour market is slowing. In recent months, it has become clear that the Fed is happy to move slowly in the rate cut cycle and does not want the economy to be unexpectedly weak, and the report we see today could lead to a shift in that approach. The collapse of the labor market could prompt the Fed to shift from a ramble to a sprint. "

'The market should not get carried away, 'said Ali Jaffery, an analyst at Imperial Commercial Bank of Canada. Fed policymakers want more than just a month of good data to feel more at ease about inflationary pressures in the job market. "overall, the labour market is still strong and they need to see more evidence that the economy is slowing or employment has unexpectedly fallen sharply before they worry about their employment tasks after such strong job growth." In the end, the Fed will sit tight until they have a clear understanding of inflation.

Peter Cardillo, chief market economist at Sparta Capital Securities, said: "this report is lukewarm and exactly what the Fed would like to see. We do not see a rebound in wages, we are still creating jobs, and the economy is doing well. However, the key to the report is the wage level, which is lower than the market expected. This is a good report for the Fed and a good report for the market. If you continue down this road, it could change the timing of interest rate cuts, which could mean that there may be two rate cuts this year, rather than once. "

At the end of the Fed meeting on Wednesday, Federal Reserve Chairman Colin Powell seemed to rule out raising interest rates as the central bank's next move, but that doesn't necessarily mean that traders should start to expect the agency to cut interest rates in the near future.

Sonu Varghese, global macro strategist at Carson Group, said: "although it is unlikely to cut interest rates in the short term because of high inflation, the threshold for rate hikes is indeed high. The continued strength of the labour market has also reduced the urgency of interest rate cuts, but the current potential interest rate cap and a strong economy are good for the stock market. "

U. S. stock earnings are still a concern. Apple shares soared after the company reported better-than-expected revenue and profit and announced it would buy back $110 billion of shares.

Shares of biotech company Amgen rose as the company reported better-than-expected earnings and revenue.

Shares of Cloudflare, an Internet security and Internet company, tumbled after the company reported weak full-year earnings guidance.

Focus stocks

Apple reported after-hours on Thursday that revenue and net profit in the second quarter were better than expected, and sales in Greater China easily exceeded expectations.

Apple also announced its largest-ever share buyback program in the United States, saying its board of directors approved an additional $110 billion. The announcement of the plan also marks Apple's own record for the highest amount of stock buybacks in the United States. According to data compiled by market research firm Birinyi Associates dating back to 1999, the tech giant authorized $100 billion in buybacks in 2018.

Microsoft recently released a new transparency report outlining measures developed and deployed in 2023 to responsibly release generative products.

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