The S&P 500 Index closed up +0.84% on Friday, reaching a new record high, while the Nasdaq 100 Index gained +2.35%. The Dow Jones Industrial Average saw a modest increase of +0.02%. Key data included April nonfarm payrolls rising by +115,000, significantly exceeding the forecast of +65,000, with the unemployment rate remaining stable at 4.3%. However, the University of Michigan’s consumer sentiment index dropped to a record low of 48.2.
In other developments, Iran seized an oil tanker in the Strait of Hormuz, escalating tensions in the Middle East. This action, coupled with recent U.S. military interventions targeting Iranian assets, drove WTI crude oil prices higher. Goldman Sachs estimates a global crude stockpile drawdown of nearly 500 million barrels, potentially reaching 1 billion barrels by June due to ongoing disruptions.
Market reactions were mixed globally, with the Euro Stoxx 50 down -1.02% and the 10-year U.S. Treasury yield falling to 4.365%. Chipmakers like Sandisk and Micron led gains in U.S. stocks, while software companies struggled, pulling some gains from the broader market.
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