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U.S. Stock Futures Surge After Slowing Jobs Growth

U.S. stock index futures climbed further on Friday following the release of the monthly employment report, which showed a deceleration in jobs growth. This development raised hopes among investors that the Federal Reserve might consider easing interest rates in the near future.

Nonfarm Payrolls Show Slowing Jobs Growth

The April nonfarm payrolls report revealed a slower pace of job creation, with only 175,000 jobs added compared to a revised 315,000 in March. This could influence the timing of potential interest rate adjustments by the Federal Reserve this year. Additionally, the unemployment rate rose to 3.9% in April, up from 3.8% in the previous month. However, it marks the 27th consecutive month with the jobless rate below 4%. Notably, average hourly earnings growth slowed to 0.2% for the month.

Apple Surges on Earnings and Buyback

Apple’s stronger-than-expected earnings uplifted market sentiment, despite declines in its revenues and earnings, particularly in iPhone sales. However, the company’s services revenue surpassed expectations, and it forecasted a return to revenue growth in the June quarter. Furthermore, Apple’s announcement of a record $110 billion stock buyback and increased dividend payout boosted its shares.

Block, Amgen, Coinbase, and Cloudflare in Focus

Block saw a 9% surge premarket after its first-quarter earnings exceeded estimates. Amgen’s stock jumped 14% premarket following positive results from its weight-loss drug study. Meanwhile, Coinbase’s quarterly earnings beat expectations, but its stock fell 3% due to sustained cryptocurrency price declines. Cloudflare slid 13% after weak guidance overshadowed strong quarterly earnings.

Crude Prices Recover Slightly

Crude prices edged higher from seven-week lows on Friday but were on track for significant weekly losses due to demand uncertainty and robust U.S. stockpiles. Both U.S. crude and Brent contracts were set to lose between 5% and 6% for the week, reflecting concerns about the impact of higher interest rates on global economic growth.

Overall, the market remains cautiously optimistic amid evolving economic indicators and corporate earnings reports.

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