Weekly Market Commentary

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Week of Apr. 28 through May. 2, 2025

The S&P 500 index rose 2.9% this week as April jobs data came in above expectations.

The market benchmark ended Friday's session at 5,686.67.

The S&P slipped 0.8% in April, marking its third-consecutive monthly decline. The index is down 3.3% for the year on worries about the impacts of the Trump administration's economic policies, particularly the ongoing trade war with several countries including China.

Data released Friday by the Bureau of Labor Statistics showed total nonfarm payrolls rose by 177,000 in April, surpassing the consensus estimate compiled by Bloomberg for a 138,000 increase. The unemployment rate was steady at 4.2% in April, in line with the market view.

By sector, industrials had the largest percentage increase of this week, climbing 4.3%, followed by a 4.2% rise in communication services and a 4% advance in technology. Financials and real estate were also strong, up 3.6% and 3.4%, respectively.

Carrier Global (CARR) had the largest weekly percentage increase among industrials, climbing 19% as the company posted Q1 adjusted earnings per share and revenue above analysts' mean estimates. Carrier Global also boosted its 2025 adjusted EPS outlook and said it now sees full-year sales at the top end of its prior guidance range.

In communication services, Meta Platforms (META) was the top gainer. The Facebook parent's shares rose 9.1% as the company, which also owns WhatsApp and Instagram, reported stronger-than-expected first-quarter results and projected revenue growth for the ongoing three-month period on a sequential basis.

Energy was the lone sector that posted a weekly decline, slipping 0.7%. The sector's drop came as crude oil futures fell on the week. Decliners included Targa Resources (TRGP), whose shares fell 8.9% as the company reported Q1 net income and revenue below consensus views.

Next week's earnings calendar features Advanced Micro Devices (AMD), Uber Technologies (UBER), Walt Disney (DIS), Shopify (SHOP) and ConocoPhillips (COP)

Economic data will include the March trade deficit, consumer credit and wholesale inventories, and Q1 productivity. Also, the Federal Reserve's Federal Open Market Committee will hold a two-day meeting, concluding with a press conference.

Provided by MT Newswires.