Stocks jump after jobs data, Apple’s buyback: LIVE MARKET UPDATES

Investors embraced the weaker-than-expected jobs data for April on the hopes it might be enough for the Federal Reserve to cut interest rates sooner-than-expected.

The Dow Jones Industrial Average surged by over 400 points or more than 1% following the April jobs report which may allow the Federal Reserve to cut interest rates.

Amgen, Apple and Microsoft are leading the gains, while McDonald’s, Chevron and J&J are laggards.

The Nasdaq Composite gained 2% and the S&P 500 over 1.3%.

The CEO of marijuana company Tilray, shared his thoughts on what is likely to be a game changer for the industry after the Biden administration reclassified restrictions on the industry.

Amgen shares are on pace for the largest increase since July 2009 after biotech giant said it plans to advance its weight loss drug candidate MariTade to final stage testing. For Novo Nordisk, the maker of drug leaders Ozempic and Wegovy, this presents a fresh new challenger.

Peloton, once a darling of the pandemic era, is no more. FOX Business takes a look at how the fitness giant lost its way and what it means for shareholders.

In a surprise move, Apple announced a record $110 billion buyback and quarterly results that were not as bad as investors had speculated.