Published on 3 May 2024 on Benzinga
...Will Non-Farm Payrolls Data Play Spoilsport? - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P...
Stocks look set to carry forward the upward momentum on Friday amid some earnings cheer, although a tinge of nervousness is evident ahead of the all-important non-farm payrolls report. A strong labor market would give the nod for the Federal Reserve to stay “higher for longer,” and a wage inflation measure from the report will also be on investors’ radar. Also, a national non-manufacturing activity reading is due for the day.
Apple, Inc APPL appeased the Street with a quarterly report that was not so bad as feared. The company also announced a massive buyback program and a modest dividend hike. The stock has a little under 6% weighting in the S&P 500 Index.