Pockets of green on the trading screens as Wall Street erupts in jubilant rallies, stocks and commodities alike reveling in the glow of a labor market report that exceeded expectations. Despite Federal Reserve rate cut jitters looming large, the U.S. economy welcomed 303,000 new employees in March, stirring a sense of optimism among investors. Annual wage growth, though moderating as anticipated, brings about a sense of respite from inflationary concerns.
Market players are now recalibrating their odds of a June rate cut by the Federal Reserve, with CME Group Fed Watch showing almost a coin flip at present. In the face of such uncertainty, the S&P 500 confidently surged 1.3%, clawing back losses from Thursday’s 1.2% dip. The tech-heavy Nasdaq 100 followed suit, bounding 1.7% higher after a 1.6% setback the day before, while blue-chip stocks tiptoed up 1%.
Amidst these fluctuations, commodities gleefully rode their upward wave, with gold gleaming at new all-time highs, breaching the $2,300 per ounce milestone with a brisk 1.7% ascent, untroubled by the surge in Treasury yields. Meanwhile, crude oil prices kept their winning streak alive, the West Texas Intermediate (WTI) climbing to a vigorous $87 a barrel, reaching heights unseen since October 23, 2023.
Bitcoin BTC/USD dipped 1% to $67,800, marking a lackluster week for the premier cryptocurrency since early January 2024.
Performance Snapshot of Major US Indices and ETFs
| Major Indices & ETFs | Price | 1-day %chg |
| Nasdaq 100 | 18,170.17 | 1.6% |
| S&P 500 | 5,212.14 | 1.3% |
| Dow Jones | 38,963.61 | 1.0% |
| Russell 2000 | 2,070.24 | 0.7% |
The SPDR S&P 500 ETF Trust SPY ascended 1.2% to $518.98. The SPDR Dow Jones Industrial Average DIA climbed 0.9% to $389.41, and the tech-heavy Invesco QQQ Trust QQQ leaped 1.5% to $441.94, according to Benzinga Pro data.
In the realm of sectors, the Technology Select Sector SPDR Fund XLK outshone, marking 1.3% growth. Conversely, the Utilities Select Sector SPDR Fund XLU lagged, stagnating through the day.
Stock Highlights of the Day
- Newmont Corp. NEM surged by an impressive 4.6%, poised for a ninth day of consecutive gains, propelled by the soaring gold prices.
- Coeur Mining Inc. CDE rallied over 12% on the back of climbing silver prices.
- GE Aerospace GE saw a 4.5% upswing, buoyed by the announcement of its first quarterly dividend of $0.28 per share following the spinoff from GE Vernova Inc. GEV.
- Shares of Enphase Energy Inc. ENPH dipped by 5.5% in Friday’s trading following the news of Chief Commercial Officer David Ranhoff stepping down. Additionally, Citigroup’s recommendation for Enphase shifted from “Buy” to “Neutral,” with a revised price target of $121, down from $126.
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