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Dow Average Hits Record Before Friday’s Jobs Data: Markets Wrap

Updated on
  • Economists predict U.S. added about 1 million jobs in April
  • Biden team likely to proceed with Trump’s China investment ban
Beyond the Bell 05/06/2021

Stocks climbed as data showing the world’s largest economy is strengthening overshadowed inflation worries, with investors awaiting Friday’s jobs report. The dollar retreated.

The S&P 500 closed near session highs, while the Dow Jones Industrial Average rose to a record. China’s shares traded in New York briefly extended losses after Bloomberg News reported the Biden administration is likely to preserve limits on U.S. investments in certain companies from the Asian nation. In late trading, Beyond Meat Inc. slumped as the maker of plant-based protein products reported disappointing sales, and Peloton Interactive Inc. whipsawed as investors assessed its results.

Read: Fed Says Asset Prices May Be Vulnerable If Risk Appetite Falls

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor-market conditions continued to improve and the economy reopened more broadly. Separate data highlighted a rebound in productivity in the first quarter as the pace of output exceeded a pickup in hours worked. Economists predict the upcoming employment report will show the U.S. added about 1 million jobs in April.

“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”

Stocks rally before jobs data

For more markets updates see the MLIV <GO> blog.

These are some of the main moves in markets:

Stocks

  • The S&P 500 rose 0.8% as of 4 p.m. New York time
  • The Nasdaq 100 rose 0.8%
  • The Dow Jones Industrial Average rose 0.9%
  • The MSCI World index rose 0.7%

Currencies

  • The Bloomberg Dollar Spot Index fell 0.5%
  • The euro rose 0.5% to $1.2063
  • The British pound was little changed at $1.3893
  • The Japanese yen rose 0.1% to 109.08 per dollar

Bonds

  • The yield on 10-year Treasuries was little changed at 1.57%
  • Germany’s 10-year yield was little changed at -0.23%
  • Britain’s 10-year yield declined three basis points to 0.79%

Commodities

  • West Texas Intermediate crude fell 1.1% to $65 a barrel
  • Gold futures rose 1.8% to $1,816 an ounce

— With assistance by Andreea Papuc, Emily Barrett, Yakob Peterseil, Claire Ballentine, and Kamaron Leach