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Treasuries rebound, Oil rises, Stocks advance after Jobs report, Mortgage rates fall for 4th week in a row, Tesla cuts US prices for 5th time, Samsung to cut chip production after profits fall 96%, and more financial news.
US stock futures rose on Friday ahead of the holiday weekend, with the S&P 500 rising 14.64 or +0.36%, while the Dow notched up 2.57 points or +0.10%, and the NASDAQ climbed 91.09 points or +0.76%, as of 9:38 AM EDT Yahoo Finance reported.
Treasuries recovered after an early slide on Friday, with the benchmark US 10-Year Treasury up +0.082 to yield 3.372%, while the 2-Year Treasury advanced +0.143 for a yield of 3.964% as of 9:40 AM EDT.
In oil futures, WTI crude was up +0.11% and trading at $80.70, while Brent crude was up +0.15% and traded at $85.12 as of 8:41 AM CDT on Friday.
The March jobs report showed that payroll growth moderated as wages advanced and the unemployment rate fell. The bigger picture for investors is that the figures show that while the job market is on solid ground, the gains and payrolls relative to expectations are not significant enough for the Federal Reserve to dramatically shift its course and move off its current path of interest rate hikes, Yahoo Finance reported. The latest figures increase the odds that the Fed will likely increase the interest rate by a quarter percentage point at its meeting in May. Overall, the numbers suggest the American economy is slowing.
Mortgage rates in the US fell for the fourth consecutive week, with the average interest rate for a 30-year fixed-rate mortgage at 6.28% for the week ending April 6, which is down from 6.32% the week prior, according to the latest data from Freddie Mac, CNN reported. The interest rate of a 30-year fixed-rate mortgage one year ago was 4.27%.
Tesla has cut prices in the US for the fifth time since January, reducing MSRP between 2% and 6%, CNBC reported. Prices were reduced on both versions of its Model 3 sedan by $1,000 and on its Model Y crossover by $2,000, as well as both versions of its more expensive Model S and Model X by $5,000, its website showed.
Samsung announced it will cut chip production after it estimated a 96% drop in its quarterly operating profit, its lowest in 14 years, BBC reported. Despite the decision to slow chip-making, Samsung shares rose more than 4%. The company’s profit fell by $454.04 million between January-March.
