Amazon A > Z their way to Q1 Net Sales Miss – US Market Wrap
Stocks edged higher as traders assessed mixed earnings ahead of Friday’s jobs report. Bonds recovered as Treasury Secretary Scott Bessent repeated his opinion that 10-year yields will fall under the Trump administration.
Amazon fell in late trading after missing sales forecasts. Qualcomm fell on expectations that demand for new handsets will slow. Peloton rose on a positive outlook, while Philip Morris International . soared on strong Zyn nicotine pouch sales. Ford Motor Company plunged on an earnings warning.
Bessent told Bloomberg that he will refrain from criticising Federal Reserve Chair Jerome Powell, and that the Trump administration is focused on policy decisions that result in a lower 10-year bond yield, rather than whether policymakers will cut rates. He also stated that President Donald Trump’s policy of maintaining a “strong dollar” remains unchanged.
In the run-up to the US payrolls report, data showed that initial unemployment claims increased, but remained low. Separate numbers revealed strong labour productivity. In addition to the employment report on Friday, Wall Street will be eagerly watching a revision to job growth. Economists think that it will be significant, but not as terrible as previously estimated.
According to data gathered by Piper Sandler, the options market expects the S&P 500 to move 0.9% in either way following Friday’s US employment reports. That would be consistent with the average realised move of 0.9% on jobs day during the previous 12 months.
