Pre-Market Report – Monday 5 May: US markets kick again on jobs | WBC results

Wall St rose Friday to record its 9th straight positive session. Boosted by US/China trade talk and economic data. Dow up 564 points closing near the high. S&P 500 up 1.47%. Nasdaq up 1.51%. For the week, S&P 500 up 2.9%, Nasdaq up 3.4%. The ASX 200 rose 3.39%, best week since December 2023.

Non-farm payrolls came in at 177k on Friday, lower than 185k in March but well above forecasts for a 130k rise. Eased recession concerns. The survey was taken one week after tariffs were implemented and the market was expecting worse. Wage growth came in slightly below forecasts and factory orders jumped (close to estimates).

Bond yields jumped on the jobs report. US 10Y 9.3bp. 2Y up 12.7bp. AU 10Y up 8.8bp despite no change to the odds of a 20 May RBA rate cut (60%). USD index down a touch. Just after the close on Friday Trump announced plans to cut $163bn from the budget comprising a 23% reduction in non-defence discretionary spending. Education, housing, medical research and environmental protection the losers. Defense and border security the winners.

SPI up 32 - WBC Results - OPEC Plus increases supply

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