Finance

The US Labor Department reported that nonfarm payrolls increased by 115,000 in April, nearly doubling the consensus estimate of 65,000. Despite this surge in hiring, the national unemployment rate remained stable at 4.3%. Employment gains were strongest in healthcare and retail, while the technology-focused information sector continued to experience job losses.

Crude oil prices fluctuated near $100 per barrel following military clashes near the Strait of Hormuz and uncertainty surrounding peace talks with Iran. US Treasury yields initially dipped after the robust jobs report as traders recalibrated Federal Reserve interest rate expectations, yet they remained sensitive to emerging geopolitical risks. Energy stocks have emerged as top performers in this environment, acting as a hedge against elevated oil prices.

Corporate performance varied significantly as the first-quarter earnings season approached its conclusion. Zoetis shares plummeted over 21% following an earnings miss, while Becton, Dickinson and Company saw gains after surpassing analyst estimates. Tech giants continue to lead the broader market, with semiconductor firms like Micron and Qualcomm posting substantial single-day gains.