On April 5, Eastern Time, the U.S. non-agricultural data for March far exceeded expectations, and Biden spoke out.
Expectations for a rate cut by the Federal Reserve were thwarted again, but the three major U.S. stock indexes still rose.
Musk denies Tesla abandons plan to launch low-cost car!
3 non-farm employment data is strong
Biden speaks out!
On April 5, Eastern Time, the U.S. Bureau of Labor Statistics reported that the number of non-farm workers in the United States increased by 303,000 more than expected in March, and the unemployment rate was 3.8%, indicating that the labor market, which has been prosperous and resilient, continues to accelerate growth. The closely watched average hourly earnings indicator increased by 0.3% month-on-month and 4.1% year-on-year, both in line with Wall Street expectations. In terms of specific data, the Bureau of Labor Statistics of the U.S. Department of Labor reported that the number of non-farm workers in the United States increased by 303,000 in March, which was better than expected. Nonfarm payroll employment in February was revised downward to 270,000. The unemployment rate fell slightly to 3.8% in March, in line with expectations.
htmlAfter the March non-farm payroll data was released, U.S. President Biden said in a statement released by the White House that the March non-farm payrolls report marked "a milestone in the U.S. recovery." He also said: "Three years ago, I inherited an economy that was on the verge of collapse. But today's report of 303,000 new jobs in March shows that we have surpassed the 15 million jobs created since I took office. milestone. This means that an additional 15 million people have the dignity and respect that wages bring. "
(Source: US White House statement)
Regarding the US non-farm employment data, Richmond Fed President Barkin said, 3 The monthly non-farm payrolls data was a fairly strong jobs report, with the data showing a decline in inflation, but with an "unbalanced mix." Businesses are still looking for opportunities to raise prices. Quincy Krosby, global chief strategist at
lpl Financial, said: "The Fed's decision-making will be data-dependent, and the market will be very sensitive to any sign that the agency may need to cut interest rates this year. Therefore, the employment report will provide important inflation-related data, especially on wages. growth rate data."
But Goldman Sachs Chief Economist Jan Hazius said he still expects the Fed to implement three rate cuts this year and would be "very surprised" if the Fed ultimately decided that a rate cut was not necessary at all.
U.S. stocks rose collectively despite the setback in interest rate cut expectations.
On April 5, Eastern Time, after the March non-agricultural report was released, the swap market lowered expectations for the Federal Reserve's interest rate cut in 2024. Swaps markets are fully pricing in a delay in the first Fed rate cut from July to September. U.S. interest rate futures price in two rate cuts by the Federal Reserve in 2024.
But US stocks are still rising. As of the close, the Dow rose 307.06 points, or 0.80%, to 38904.04 points; the Nasdaq rose 199.44 points, or 1.24%, to 16248.52 points; the S&P 500 index rose 57.13 points, or 1.11%, to 5204.34 points.
Musk denies Tesla has given up on plans to launch low-cost cars!
On April 5, Eastern Time, Reuters reported that Tesla would give up its plan to launch a low-cost car. Musk then posted on social media platforms that "Reuters is lying." denied the claim.
Tesla fell more than 2% at the low opening. After Reuters said that Tesla canceled plans to launch cheap cars, the stock price fell rapidly. It fell 6.2% in early trading. After Musk's comments denied, Tesla's stock price fell quickly narrowed. Within 3%, it closed down 3.63% to US$164.9, with a total market value of US$524.204 billion.
In addition, after the U.S. stock market closed, Musk posted on social media platforms that Tesla plans to launch a driverless taxi (robotaxi) on August 8. Musk previously said that Tesla's driverless taxis will use autonomous driving technology to pick up and drop off passengers automatically.
(Compiled by Ivan)
Editor: Captain
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