The technology sector led the broader market today as stocks charged higher to fresh all-time highs. The Nasdaq Composite closed higher by 0.94% (+58.97 pts), notably outperforming the S&P 500 (+0.37%, +9.01 pts) & the Dow Jones Industrial Average (+0.29%, +62.11 pts).
The S&P Tech Sector (+0.97%) stood out in comparison to its fellow industries, while Real Estate (+0.72%) and Health Care (+0.57%) also performed well. Conversely, Energy (-1.32%) fared the worst as crude oil futures continued to slip further following's President Trump's announcement late Thursday to withdraw from the Paris Climate Accord.
The market was largely unaffected by this morning's Nonfarm Payrolls data: Nonfarm payrolls were 138k vs. the Briefing.com consensus for 185k and Nonfarm private payrolls were 147k vs. the Briefing.com consensus for 172k. The unemployment rate came in at 4.3%. The Employment Situation Report for May produced a headline disappointment with nonfarm payrolls being lower than expected and far lower than the job gains reported in the ADP Employment Change Report on Thursday.
Nevertheless, the unemployment rate fell to a 16-year low. The key takeaway from the employment report is that wage inflation continues to be dormant despite increased hiring activity. That understanding will temper concerns about the Fed having to walk an aggressive rate-hike path.
Broadcom (AVGO 254.53, +19.94) led the Technology Select Sector (XLK 57.19, +0.52), spiking more than 8% to new all-time highs after reporting better than expected quarterly top and bottom-line results. The company also offered upside fiscal third quarter projections. Analysts cheered the report, boosting their price target on shares as a result. On the flip-side, Automatic Data Processing (ADP 100.98, -2.37) slipped more than 2% after analysts at Evercore ISI downgraded shares to Underperform.
By: Briefing.com.
Photo: Advisor Analyst.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
Broadcom (AVGO 254.53, +19.94) led the Technology Select Sector (XLK 57.19, +0.52), spiking more than 8% to new all-time highs after reporting better than expected quarterly top and bottom-line results. The company also offered upside fiscal third quarter projections. Analysts cheered the report, boosting their price target on shares as a result. On the flip-side, Automatic Data Processing (ADP 100.98, -2.37) slipped more than 2% after analysts at Evercore ISI downgraded shares to Underperform.
By: Briefing.com.
Photo: Advisor Analyst.
Review: Emerging Market Formulations & Research Unit, Flagship Records.