Wall Street begins Friday’s session without a clear direction – the main indices open slightly in the red despite a somewhat stronger-than-expected U.S. labor market report. The US500 is down 0.30%, the US100 is down 0.40%, and the US2000 is also down 0.40%. The yield on 10-year bonds has fallen to 4.24%, and the 2-year yield has dropped to 3.92%.
February’s NFP report showed an increase of 151,000 new jobs compared to the consensus of 160,000, along with a downward revision of January’s figures. The unemployment rate rose slightly to 4.1% (from 4.0%), which the market still views as a stable signal. However, political uncertainty regarding tariffs and the latest announcements from Donald Trump led to sharp declines in major indices yesterday, especially in the tech sector. The President partially backed away from plans to aggressively tax imports from Mexico and Canada, but markets remain jittery about the administration’s next steps.
At the same time, the U.S. government is making cuts in federal employment, as indicated by the drop in the number of public sector workers in the NFP report. Fed Chair Jerome Powell will speak soon, and investors are keeping a close eye on how monetary policy will respond to trade uncertainty and a still-robust job market. Meanwhile, Treasury Secretary Scott Bessent has reaffirmed the administration’s strong support for a strong dollar, emphasizing that “well-conducted reforms and bringing production back to the U.S. naturally support the strength of the American currency.”
US500
The index is down 0.30% at the start of the cash session. Negative sentiment in the stock market persists, and the US500 is now approaching an important support zone in the 5650–5730 point range, which has served twice as both a local bottom and a local top in recent months.
Source: xStation 5
Stock Highlights
Walgreens Boots (WBA.US) gains 6.80% after Sycamore Partners agreed to acquire the company in a $10B acquisition at $11.45 per share, with an extra $3 possible from primary-care asset sales (total deal up to $23.7B). Expected to close in Q4, it features a 35-day go-shop period and fully committed financing.
Broadcom (AVGO.US) gains 3.30% after strong FQ1 results and guidance drove shares higher. AI semiconductor revenue remains robust, expected at $4.4B in Q2. Broadcom projects Q2 revenue near $14.9B (above $14.59B consensus) with about 66% EBITDA margin.
The Gap (GAP.US) surged 13% after Q4 beats, driven by better-than-expected comps in three of four brands and a record gross margin. Q1 net sales are set to be flat to slightly up from $3.4B, with a modest margin increase. FY25 sales should rise 1%–2% ($15.25B–$15.40B), matching consensus, and operating income is forecast at $1.20B–$1.22B.
Intuitive Machines (LUNR.US) dips 22% on reported complications with its IM-2 Nova-C lunar lander, Athena, as the company reallocates power to critical systems. Uncertainty about the mission’s success has fueled investor concerns, pending further updates at today’s press conference.
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