US Stock Market Today: S&P 500 Heads for Sixth Straight Weekly Gain After Jobs Data Beats Forecasts
US stocks surged on Friday after April jobs data showed employers added 115,000 jobs, exceeding forecasts of 55,000, while the unemployment rate remained steady at 4.3%. The S&P 500 and NASDAQ Composite advanced, heading toward their sixth consecutive weekly gain, supported by chip stocks like Micron Technology and NVIDIA, though investors also monitored US-Iran tensions near the Strait of Hormuz.
US stock markets rose Friday after stronger-than-expected April jobs data eased concerns about labor market weakness. The Labor Department reported employers added 115,000 jobs, surpassing the 55,000 projected by economists, while unemployment held at 4.3%. The S&P 500 and NASDAQ Composite advanced, with the S&P 500 on track for its sixth straight weekly gain. Chip stocks led the rebound, with Micron Technology up 9% and Qualcomm rising 6%, while NVIDIA also climbed after recent volatility in the semiconductor sector. Microchip Technology’s revenue forecast for Q1 exceeded analyst estimates, driven by demand for industrial and automotive chips. The Dow Jones Industrial Average gained 209.88 points (0.42%) to 49,806.85, the S&P 500 added 32.78 points (0.45%) to 7,369.89, and the NASDAQ Composite rose 146.89 points (0.57%) to 25,953.09. Investor sentiment improved as the jobs report reduced fears of a rapid labor market slowdown, though April’s 115,000 gain trailed March’s 185,000. Barclays strategist Emmanuel Cau warned that market gains may need broader support beyond semiconductors, noting the sector’s recent rally could be overextended. Meanwhile, tensions between the US and Iran near the Strait of Hormuz remained a focus, with oil prices fluctuating around $94 per barrel for WTI and $101 for Brent. US President Donald Trump stated on Truth Social that no damage occurred to three US destroyers in recent clashes, though Iranian state media reported Iran was reviewing messages from the US via Pakistani mediators. Secretary of State Marco Rubio suggested updates on the situation would be available Friday, leaving investors awaiting further clarity. All three major indexes were set to close the week higher, with the NASDAQ on pace for a 3% weekly gain, driven by technology and chip sector strength.
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