US stock markets are expected to open higher today, buoyed by Apple’s strong performance on Thursday; however, this outlook could shift with the release of the afternoon’s job statistics.
Apple surged 5.8% in premarket trading after announcing a record $110 billion share buyback and surpassing quarterly earnings and forecasts, outshining other large-cap stocks.
Amgen saw a 13.5% rise as the biotech firm shared positive results from a mid-stage trial of its experimental weight-loss drug, MariTide, alongside robust first-quarter earnings.
Nevertheless, the focus remains on today’s nonfarm payrolls report for April. This data could provide deeper insights into the US labour market’s health and its implications for future interest rates.
The Labor Department expects the report to indicate a slowdown in US job creation in April, though wage growth is likely to continue steadily.
The money markets currently assign a 61.9% probability to an interest rate cut in September, with the likelihood increasing to 73.8% for November, based on the CME FedWatch tool.
In terms of market activity, the Dow Jones Industrial Average is up by 0.7%, the S&P 500 has increased by 0.3%, and the Nasdaq 100 has risen by 0.7% in premarket trading.
