Wall Street opened higher on Friday as data revealed a slowdown in job creation and wages, maintaining the prospects of an interest rate cut later this year.
The DOW JONES rose 0.15% to 38,893 points, while the S&P 500 gained 0.23% to 5,192 points. The NASDAQ 100 also climbed 0.11% to 16,365 points. This positive momentum follows a session where the major indices closed with significant gains, nearing their intraday highs. The Dow Jones saw a 0.46% increase, marking its third consecutive day of gains, while the S&P 500 and Nasdaq advanced by 1.03% and 1.19%, respectively. Investors retained their bullish sentiment following the latest non-farm payrolls data, which indicated below-expectation job growth in April, alongside an increase in unemployment and wages growing slower than anticipated.
This reinforced the narrative that the US Federal Reserve might have room to lower interest rates at some point this year. The report showed that fewer jobs were created than expected, resulting in a session of gains within Wall Street. The Nasdaq led with a 1.99% advance, followed by the S&P 500 with 1.26% and the Dow Jones, which gained 1.18%. This indicates investor optimism around potential rate cuts by the Federal Reserve.
