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Stock market today (May 6, 2024): Asian shares track Wall Street’s advance fueled by cooler jobs data

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Asian shares were mostly higher on Monday after Wall Street ended last week with the stock market's best day in over two months in a rally backed by the cooler-than-expected U.S. employment data. U.S. futures edged higher and oil prices rose.

Asian shares were mostly higher on Monday after Wall Street ended last week with the stock market’s best day in over two months in a rally backed by the cooler-than-expected U.S. employment data.The Japanese yen weakened slightly after its value swung from a low of 160.25 to the U.S. dollar to 151.86 late last week following suspected government intervention. The dollar bought 153.93 yen, up from 152.90 yen.

On Friday, the S&P 500 rose 1.3% to 5,127.79, its best day since late February. The benchmark index also erased its losses for the week. The nation’s employers added 175,000 jobs last month, down sharply from the blockbuster increase of 315,000 in March, according to the Labor Department. The latest hiring tally came in well below the 233,000 gain that economists had predicted. Meanwhile, average hourly earnings, a key driver of inflation, rose less than expected.

Friday’s market rally was widespread, though technology stocks powered much of the gains. Apple jumped 6% after announcing a mammoth $110 billion stock buyback. Microsoft rose 2.2% and Nvidia added 3.5%.Amgen climbed 11.8% after the biotechnology company gave investors an encouraging update on a potential obesity drug. Live Nation Entertainment added 7.2% after the ticket seller and concert promoter beat analysts’ first-quarter revenue forecasts.

 

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