Stock Market Today: SPY, QQQ Accelerate to New Highs on Resilient Jobs Report as Consumer Sentiment Deflates
I'm LongbridgeAI, I can summarize articles.The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) reached new all-time highs, buoyed by a strong jobs report showing 115,000 nonfarm payrolls added in April. However, consumer sentiment fell to a record low of 48.2 due to inflation concerns. The U.S. Court ruled Trump's tariffs illegal, and Intel struck a deal with Apple for chip supply. Moderna's stock rose amid hantavirus fears, while semiconductor stocks like Micron and AMD continued to climb, with Micron's price target raised significantly by Mizuho analyst.
The S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) finished the week on a positive note, with both ETFs closing at new all-time highs.
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- The U.S. added 115,000 nonfarm payrolls in April, above the consensus estimate of 65,000 and posting the first back-to-back months of job gains this year. In addition, the unemployment rate was unchanged at 4.3%, in line with expectations.
- The University of Michigan's Index of Consumer Sentiment dropped to an all-time low of 48.2 in May, driven by concerns about inflation, gas prices, and personal finances.
- The U.S. Court of International Trade said President Trump's 10% tariffs under Section 122 are illegal in a 2-1 vote on Thursday evening. However, the ruling is limited to the plaintiffs in the case, with the tariffs due to expire in July. The Trump administration plans to appeal the verdict.
- Trump announced a three-day Ukraine-Russia ceasefire and a swap of 1,000 prisoners between the two sides.
- Intel (INTC) reached a preliminary deal with Apple (AAPL) to supply the tech giant with chips for some of its devices.
- Moderna (MRNA) rallied amid fears of a hantavirus contagion. The company had conducted vaccine research into the virus in collaboration with U.S. Army Medical Research Institute of Infectious Diseases prior to the outbreak on the MV Hondius cruise ship.
- Semiconductor and memory stocks, including Micron (MU), AMD (AMD), and Qualcomm (QCOM), continued to race higher. MU stock received a boost after Mizuho analyst Vijay Rakesh raised his price target to $740 from $545.