Stocks rally on slow jobs report 📈

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks continued their recent turnaround on Friday with another set of strong gains, after a weaker-than-expected jobs report raised investors’ hopes that a rate cut is on the horizon.

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Market-Moving News 🔎 

📈 April Job Growth Slows, Unemployment Edges Up

The U.S. labor market expanded more slowly than anticipated in April, with job additions falling short of expectations. According to the latest data from the Labor Department's Bureau of Labor Statistics, nonfarm payrolls grew by 175,000 for the month, missing the Dow Jones consensus estimate of 240,000. Additionally, the unemployment rate rose slightly to 3.9%, contrary to predictions that it would remain stable at 3.8%.

Slow Wage Growth 💸 
Average hourly earnings increased by 0.2% month-over-month and by 3.9% year-over-year, both figures coming in below expectations. This moderation in wage growth could be seen as a positive indicator for controlling inflation, potentially influencing the Federal Reserve's future policy decisions.

Unemployment Increase 🛑 
The more comprehensive unemployment rate, which includes discouraged workers and those in part-time jobs for economic reasons, also saw an uptick, reaching 7.4%—its highest point since November 2021. However, the labor force participation rate held steady at 62.7%.

Market Response 📊 
Following the release of the jobs report, U.S. stock futures saw an increase, pointing to a higher market open. Meanwhile, Treasury yields dropped, reflecting a shift in investor expectations. The jobs data suggests a possible "Goldilocks" scenario for the economy, where growth is sustained but not so vigorous as to necessitate further tightening of monetary policy by the Federal Reserve.

Fed Watch 🏦 
This slowdown in job growth combined with the moderate increase in wages might foster a more conducive environment for the Fed to consider cutting interest rates in the foreseeable future, as the balance between sustaining growth and controlling inflation becomes increasingly feasible.

Beneficient [BENF] $6.82 (+255.2%)
regained compliance with Nasdaq’s minimum bid price requirement, and a coinciding short squeeze drove it to huge gains.

Safe & Green [SGBX] $5.54 (+89.0%)
subsidiary SG Echo is preparing to deliver its first shipment to a “prominent quick-service restaurant customer in the Pacific Northwest.”

Arteris [AIP] $8.21 (+38.4%)
reported a thinner-than-expected operating loss and topped the consensus for revenues on its Q1 earnings report late Thursday.

HoldCo Nuvo [NUVO] $2.04 (56.6%)
continues to slide in the wake of its recent business combination with LAMF Global Ventures SPAC.

AEON Biopharma [AEON] $1.70 (49.4%)
said a Phase 2 trial of ABP-450 as a preventative treatment for migraine failed to meet its primary endpoint.

Sprout Social [SPT] $28.82 (40.1%)
reported weak Q1 financial results and lowered its 2024 revenue guidance, prompting several analyst downgrades.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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