The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates.
Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000.
Market Snapshot
At 8:35 a.m. ET, Dow e-minis were down 150 points, or 0.39%, S&P 500 e-minis were down 20 points, or 0.37%, and Nasdaq 100 e-minis were up 52.75 points, or 0.28%.
Pre-Market Movers
Videogame retailer GameStop and movie-theater chain AMC Entertainment Holdings were down 15% and 9.8%, respectively, ahead of a scheduled YouTube channel livestream by investor Keith Gill, also known as Roaring Kitty, later Friday. GameStop also reported a quarterly adjusted loss of 12 cents a share, slightly narrower than the loss of 14 cents recorded a year prior.
Mission Produce soared 9.1% after the avocado distributor posted quarterly revenue up 35% from a year ago and filed adjusted earnings per share of 14 cents, while Wall Street expected a loss of 3 cents.
Vail Resorts fell 7.6% following the mountain-resorts operator’s earnings report, which missed quarterly estimates and slashed full-year guidance.
DocuSign slid 7% even after electronic-signature company posted April-quarter earnings that edged Street estimates and inched up its full-year guidance.
Samsara dropped 7% despite the asset-tracking software provider reporting better-than-expected quarterly earnings and guidance.
Market News
Palantir CEO Alex Karp Talks AI and the Company's 'Crucial Role' in War
At AIPCon, a special invitation-only event hosted by Palantir Technologies, CEO Alex Karp laid out how the company can apply lessons learned in the context of war to drive business and productivity growth.
Karp emphasized that its relationship with the US government continues: The US Department of Defense recently disclosed a five-year $480 million contract with Palantir to work on a project known as Maven to develop a smart system that will provide warfighters and intelligence analysts with faster and more accurate information on the battlefield for tasks such as identifying enemy targets.
TSMC Posts Revenue NT$229.62 Billion in May, up 30.1% YoY
TSMC today announced its net revenue for May 2024: On a consolidated basis, revenue for May 2024 was approximately NT$229.62 billion, a decrease of 2.7 percent from April 2024 and an increase of 30.1 percent from May 2023.
Revenue for January through May 2024 totaled NT$1,058.29 billion, an increase of 27.0 percent compared to the same period in 2023.
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