U.S. Job Market Remained Resilient Amid Tariff Flip-flops In Early April

Barry Adams
02 May, 2025
New York City

Wall Street indexes advanced in Friday's trading, and broader indexes are set to gain after a week of choppy trading. 

The S&P 500 index advanced 1.1%, and the Nasdaq Composite gained 1.8%, and investors reacted to a flood of earnings and the latest update on nonfarm payrolls.

Apple Inc., Amazon, Airbnb, Exxon Mobil, and Chevron were in focus after they reported quarterly results. 

This week, investors reviewed a flood of earnings, including updates from leading tech companies Microsoft and Meta Platforms on Thursday. 

Investors reacted positively to the increase in payrolls in April, but the gain slowed sharply from the downwardly revised March data. 

 

U.S. Job Growth Slowed Down In April Amid Tariff Uncertainty

The U.S. economy added 177,000 net new jobs in April, lower than the downwardly revised 185,000 in March, the U.S. Bureau of Labor Statistics reported Friday. 

Employment in the healthcare sector increased by 52,000 jobs, in the transportation and warehousing by 29,000, in the financial activities increased by 14,000, and in the social assistance by 8,000.

The gains were ahead of market expectations because the two surveys that collect information were conducted in the second week in April, and the full impact of the country-specific tariff campaign may not be reflected in the data. 

The jobless rate in April was unchanged at 4.2%, and the average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents, or monthly 2% or annual 3.8%, to $36.06. 

 

Commodities, Currencies, Indexes, Yields

The S&P 500 index increased 0.9% to 5,653.70, the Nasdaq Composite edged up 0.7% to 17,836.78, and the Russell 2000 index was up 1.5% to 2,005.89.

The yield on 2-year Treasury notes edged higher to 3.79%, 10-year Treasury notes increased to 4.30%, and 30-year Treasury bonds advanced to 4.78%.

WTI crude oil decreased $0.20 to $59.03 a barrel, and natural gas prices edged higher by $0.08 to $3.56 a thermal unit.

Gold increased by $8.07 to $3,245.55 an ounce, and silver edged down by $0.06 to $32.38.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.40 to 99.84, and it traded at the lowest level since April 2022.

 

U.S. Stock Movers

Apple Inc. declined 2.8% to $207.29, despite the technology company reporting strong quarterly results. 

The popular iPhone maker reported a slight decline in its sales in China and estimated that the tariff-related costs in the year are likely to be $900 million. 

Amazon.com Inc. increased 1.2% to $192.55, and the online marketplace operator reported strong quarterly results, and the company's annual outlook was tempered by tariffs' impact.

Airbnb Inc. decreased 2.8% to $120.50, and the short-term rental company issued a disappointing revenue outlook for the second quarter. 

Exxon Mobil increased 1.5% to $107.34, and the energy company 

Revenue in the first quarter was flat at $81.1 billion, net income decreased to $7.7 billion from $8.2 billion, and diluted earnings per share eased to $1.76 from $2.06 a year ago, respectively.