Stocks Closed Higher Yesterday, All Eyes On This Morning's Employment Report

Market Moves You Need to See Stocks Closed Higher Yesterday, All Eyes On This Morning's Employment Report [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Closed Higher Yesterday, All Eyes On This Morning's Employment Report Stocks closed solidly higher yesterday ahead of this morning's employment report. Wednesday afternoon's FOMC announcement, which briefly sent stocks higher before reversing course, got a second chance to react yesterday to what was actually a friendly announcement. Fed Chair, Jerome Powell, lauded the progress made on lowering inflation over the past 2 years, but also acknowledged that progress had stalled. Nonetheless, he noted that it was unlikely the Fed's next move would be a rate hike, and suggested the Fed was still expecting to cut rates later this year. Moreover, the Fed announced they would be shrinking their balance sheet at a slower pace (reducing the amount of Treasuries they let mature without being reinvested), starting in June. All positive news. With the Fed news behind us, the focus shifts to this morning's Employment Situation report. The consensus is calling for 243,000 jobs in total being created, with 190,000 coming from the private sector, and 53,000 from the public. The unemployment rate is expected to stay the same at 3.8%. Same for the participation rate at 62.7%. While average hourly earnings are expected to come in at 0.3% m/m like last month, and the y/y rate is expected to dip a bit to 4.0% vs. last month's 4.1%. That comes out at 8:30 AM ET today. After the close yesterday, Apple reported earnings and posted a positive EPS surprise of 1.32%, and a positive sales surprise of 0.85%. That translated to a quarterly EPS growth rate of 1.32% vs. this time last year, and a sales growth of -4.31%. But positive comments about the company's future AI prospects, combined with Apple's largest share buyback program ($110 billion), sent shares soaring in after-hours trade by more than 7%. Amgen reported after the close as well and posted a positive EPS surprise of 5.32%, and a positive sales surprise of 0.92%. That equated to a quarterly EPS growth rate of -0.50% vs. this time last year, and a sales growth of 22%. Shares were up 13% in after-hours. And Block (formerly known as Square), posted a positive EPS surprise of 37.1%, and a positive sales surprise of 3.54%. That was a quarterly EPS growth rate of 112.5% vs. this time last year, and a sales growth of 19.4%. They were up more than 10% in after-hours trade, on top of the 5.18% before they reported. Today we'll get earnings from another 116 companies, with the largest being Berkshire Hathaway. In addition to this morning's jobs report, we'll get the PMI Composite report, and the ISM Services Index. But the main event will indeed be the Employment report. With one more trading day to go, the big three indexes (Dow, S&P 500, and Nasdaq), are down for the week so far, but the small-cap Russell 2000, and mid-cap S&P 400 are both up. We'll see how the day goes. But a bullishly interpreted jobs report could put all of the indexes in the green for the week. Either way, it should be a busy day. Best, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research Sponsor [5 Stocks Set to Double: Sunday Deadline]( There's still time to get in on our just-released 5 Stocks Set to Double Special Report. Each pick is the single favorite of a Zacks expert with the best chance to gain +100% and more in the months ahead: Stock #1: investors are buying the growth in this social media platform which is gaining popularity and expected to see double-digit revenue growth in both 2024 and 2025 Stock #2: in the early stages of a multi-year comeback, this industrial powerhouse is driven by the renewed pursuit of profits and its quest for game-changing expansion in futuristic growth markets Stock #3: an industry leader in nuclear energy, analysts see earnings growing by an explosive +551.7% next quarter as the proliferation of AI will require a plethora of new energy production Stock #4: a small and young company is boosting production through the end of the year to stimulate sales and topline growth, which is expected to reach more than +211% in 2025 Stock #5: this Biotech company is poised for an upward surprise and currently a value given its strong market position in long read sequencing for large genomics customers who rely on its technologies. We can't guarantee future performance, but previous editions have racked up gains of +143%, +175%, +498%, and even +673%. Deadline to download the new report is midnight Sunday, May 5. [See Stocks Now »]( Today's Top Research [Airline Stocks Fly High: Buy These 3]( Despite industry challenges, these three airline-related stocks offer great reward-to-risk zones. [Read More »]( [Survive the Market "Chop" with 3 Fool-Proof Methods]( Understanding and identifying market conditions in real-time can help investors survive and thrive in the long term. [Read More »]( [4 Service Firms Poised to Beat Estimates This Earnings Season]( We have picked four business service stocks that are likely to beat earnings estimates. [Read More »]( [4 Gas Distribution Stocks to Watch in a Prospering Industry]( Increased natural gas export volumes and regular investment in pipelines are driving the Zacks Gas Distribution industry's near-term prospects. [Read More »]( [Tesla: Buy More or Sell It Right Now?]( Tesla shares have plunged this year as growth has stalled. Is this a buying opportunity or should you sell it? [Read More »]( [Increase Investment Returns with Free Zacks' Portfolio Tracker]( Catch breaking news on your stocks and funds at a glance, including timely recommendation changes ... Zacks Ranks ... Industry Ranks ... earnings announcements ... earnings estimate revisions ... and more. And now you can screen for new stocks to improve portfolio performance. [Click for Free Tracker & Screener »]( [Bull of the Day: Pinterest (PINS)]( Innovations in advertising & marketing tech are paying off and providing sustained ROI to sellers. [Read More »]( [New Zacks Strong Buys for May 3rd]( Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. [Read More »]( More Zacks Resources Mobile App Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. [Download our Zacks App for Apple iOS]( [Download our Zacks App for Android]( Zacks Members' Success Stories Visit [Success Stories]( to hear how Zacks research, tools and portfolios help our members outperform the market. Get all of our market insights and much more when you connect with us. [Visit Zacks on Facebook]( [Follow Zacks on Twitter]( [See Zacks videos on YouTube]( [Join Zacks on LinkedIn]( [Read Zacks Commentary on StockTwits]( This free resource is being sent by [Zacks.com](. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". [www.zacks.com/terms_of_service]( Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or US investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through April 1, 2024. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank #1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit [( for information about the performance numbers displayed above. Zacks Emails If you would prefer to not receive future profit-producing emails from [Zacks.com]( the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please [click here]( and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 10 S. Riverside Plaza, Suite 1600 Chicago, IL 60606