A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023.
Brendan Mcdermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. Welcome to jobs day
The Fed, regional banks, more big earnings and now jobs. It’s been a momentous week for markets but not in a great way. Three major indices are all on pace for their worst week since March 6-10. Now investors are chewing over a stronger-than-expected April jobs report. The economy added 253,000 jobs last month, much more than the 180,000 expected by economists. The unemployment rate is down to 3.4%, tied for the lowest level since 1969. All that said, job growth has slowed somewhat, while gains for February and March were revised down. Futures rose after the report. Follow live market updates.
2. iPhone to the rescue
Apple phones on display in an Apple store on May 04, 2023 in Miami, Florida.
Joe Raedle | Getty Images
Apple’s revenue and profit fell last quarter, but the results still beat Wall Street’s low expectations. Better-than-hoped iPhone sales helped make that happen. Sales for the ubiquitous gadget easily cleared the bar set by analysts, while Mac and iPad sales came up short. In all, iPhone sales rose 2% for the quarter, an indication that supply chain problems may be less of an issue. “It was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats,” Apple CEO Tim Cook told CNBC’s Steve Kovach.
3. Another bad day for regional banks
A Pacific Western Bank branch in Encino, California, on Saturday, April 22, 2023.
Morgan Lieberman | Bloomberg | Getty Images
A slew of regional banks, led by PacWest, had an awful Thursday as concerns grow in the wake of the three biggest bank failures since the 2008 financial crisis. California’s PacWest fell more than 50% after the company said it was actively talking with potential investors while considering all of its options….
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