Markets jitter on mixed jobs data
- U.S. stocks opened mixed on April 29 as investors weighed a Federal Reserve decision, Big Tech earnings and fresh labor signals before Friday’s payrolls report. - ADP said private employers added 62,000 jobs in March, while March nonfarm payrolls rose 178,000 and unemployment held at 4.3%, underscoring uneven hiring. - The Fed was widely expected to hold rates steady on April 29 as oil and inflation risks complicated cut bets. (usatoday.com)
U.S. stocks opened mixed Wednesday, April 29, as traders waited for the Federal Reserve, earnings from Microsoft and Meta, and the next big labor-market read. (google.com) (money.usnews.com) By 10:34 a.m. Eastern, the Dow Jones Industrial Average was down 199.55 points, or 0.41%, to 48,942.38, after opening at 49,163.78. (google.com) The Nasdaq Composite was at 24,642.28 at 10:17 a.m. Eastern, down 21.52 points, or 0.09%, after opening at 24,606.53. (finance.yahoo.com) Bitcoin traded near $77,053 on April 29 after swinging between about $76,481 and $78,270 over the previous 24 hours. (coinmarketcap.com) (finance.yahoo.com) The labor backdrop looked mixed rather than cleanly weak or strong. ADP’s March report showed private employers added 62,000 jobs, while the Bureau of Labor Statistics said total nonfarm payrolls rose 178,000 in March and unemployment held at 4.3%. (adpemploymentreport.com) (bls.gov) That split matters because investors were trying to judge whether the economy was cooling enough for rate cuts without slipping into a sharper slowdown. The Fed’s benchmark rate was widely expected to stay unchanged at 3.50% to 3.75% on April 29. (usatoday.com) (livemint.com) Inflation was still part of the problem. The Bureau of Labor Statistics said consumer prices rose 0.9% in March and 3.3% from a year earlier, while core inflation was 2.6% year over year. (bls.gov) Oil added another layer of pressure. CNBC reported Brent crude was above $110 a barrel and U.S. crude was near $99 as markets tracked the war-linked risk around Iran and the Strait of Hormuz. (cnbc.com) The result was a market still near records but trading nervously around every macro headline. The S&P 500 had closed at 7,173.91 on April 28, just below its 52-week high of 7,178.74, before Wednesday’s session turned cautious again. (finance.yahoo.com) The next test comes fast: Friday’s April employment report, more Big Tech results, and whatever Chair Jerome Powell says after the Fed decision. (bls.gov) (money.usnews.com)
