The Market News Today: April Jobs Report to Show Solid Growth

Apple Shares Surge on Record Buyback

Apple’s shares soared 7% after hours as the tech giant surpassed fiscal Q2 earnings expectations and unveiled a record $110 billion buyback program, a 22% increase from last year. Despite a robust buyback announcement, Apple reported a 4% drop in overall sales and a 10% decline in iPhone sales year-over-year, attributing the decrease to challenging comparisons from the previous year. This mixed financial performance highlights significant investor confidence amidst broader sales challenges.

Coinbase Surges on Q1 Revenue Beat

Coinbase exceeded Q1 revenue expectations, posting $1.64 billion against the predicted $1.34 billion, fueled by a bitcoin rally that drove net income to $1.18 billion. Earnings per share hit $4.40, a stark turnaround from last year’s loss. Transaction revenues nearly tripled, reflecting heightened trading activity. Despite a post-report dip, Coinbase’s stock has risen significantly year-to-date, buoyed by new institutional investments and partnerships with U.S. spot bitcoin ETFs.

Treasury Yields Tick Higher as Jobs Data Looms

U.S. Treasury yields increased slightly on Friday, as investors awaited the April jobs report, seeking signs of economic resilience or weakening that could influence Federal Reserve policies. Although the report is anticipated to reflect some slowdown in job growth, the focus remains on the Fed’s response, especially after it maintained interest rates earlier this week, emphasizing the need for more evidence of inflation control before considering rate reductions. This has heightened investor interest in the labor market’s impact on future rate decisions.