Markets In A Minute - "A Lack Of Further Progress"
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- The Fed announced in May’s FOMC meeting that the Fed Funds Rate will remain unchanged; however, Chair Powell stated that it is unlikely the next move will be a hike.
- JOLTS for March saw a decrease in the amount of job openings to 8.48Mil, down from 8.8Mil in February. Additionally, Layoffs ticked higher to 1.5Mil, while Quits and Hires decreased by 480K & 455K.
- Unemployment & Non-Farm Payrolls for April came in much lighter than expected (175k Jobs added). Additionally, the Unemployment rate ticked higher to 3.9%.
- Consumer Confidence for April took an unexpected and sharp slide to 97, from 103. This dive was led by increasing pessimism around the labor market and real income.
- Earnings Recap: Semiconductors have generally seen strong earnings due to higher AI investment-related costs (ON, QCOM, NXPI, AMD). Restaurants highlighted a weakening consumer (MCD, YUM, SBUX). Amazon saw better-than-expected AWS sales, and Apple’s iPhone sales were also better than expected.
The week ahead:
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