Stocks Rise, US Waits on Iran, Hassett: 'Rip-Roaring' Jobs, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. We have made it to the end of a trading week with stocks pointing to even more gains. That is the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, the S&P 500 is higher by almost 0.5%, up 30 points, trading well above 7,300 at the start.
What are the latest stock market trends and their implications?
The Dow Jones Industrial Average opens higher by 0.4% or about 200 points. The Nasdaq Composite is up 0.6% or nearly 150 points higher. Ten-year Treasury yield down three basis points to 4.35 percent on optimism around the Middle East and the economy. Let's start with the Middle East. The U.S. says it expects to hear from Iran about its one-page peace proposal even after the latest flare-ups around the Strait of Hormuz. Here's Secretary of State Marco Rubio.
We're expecting a response from them today at some point. We have not received that yet in the last hour.
perhaps that will come secretary of state rubio spoke from rome after an evening of clashes bloomberg's jumana versace has the details from dubai certainly there was an escalation centcom saying that three u.s warships came under attack by iran while they were crossing the straits so the attack involved missiles drones and small boats so the u.s responded to that they struck back around the iranian coast and also hit some key launch sites and come out and control locations But that was that it was almost a tit for tat. And later, President Trump was asked about it, whether that was that did constitute the violation of the ceasefire from his perspective. And he said no.
Bloomberg's Jumaana Bersetchi reports the president told reporters you would know the ceasefire is broken if you see a big glow coming from Iran. Meantime, Iranian state media are reporting the army seized a tanker carrying Iranian oil today in the Gulf of Oman. Fox News is reporting that the U.S. carried out more airstrikes today on several empty tankers that were trying to break its blockade of Iran's ports. Investors are also watching another strong jobs report, another 115,000 jobs added in April. That's after an upward revised 185,000 in March, marking the first back-to-back gain for the labor market in nearly a year for White House economic advisor Kevin Hassett.
Two months in a row now we've had blockbuster jobs numbers. And the really interesting thing is that we look at these things that you guys do too, I'm sure, called heat maps, where you look by category, like where's the green and where's the red. And pretty much it was green across the board. And so what it means is it's a rip-roaring jobs market.
Nice. National Economic Council Director Kevin Hassett reacted to the numbers on Bloomberg Radio and Television. PGM fixed income advisor Michael Collins says the numbers will probably keep things muted at the Fed.
This locks in the stalemate at the Fed, right? It really kind of solidifies the fact that they are on hold here indefinitely.
Michael Collins of PGM was a guest on Bloomberg Surveillance, and right now markets are pricing in no change to interest rates for the rest of this year. No change that we've heard of to President Trump's plans to meet with Chinese President Xi Jinping next week. He's headed to Beijing with a setback to his trade agenda. A divided federal appeals court declared the president's 10 percent global tariffs under Section 122 of the Trade Act unlawful. Kevin Hassett says the White House disagrees with that. But we have a backup plan.
that is going to make sure that the president's trade policy is made a reality very, very shortly.
White House economic advisor Kevin Hassett again on Bloomberg Radio and TV. The White House has been investigating tariffs under Trade Act Section 301. Those would take months to implement.
How is the U.S. responding to the situation in Iran?
In the U.K., Prime Minister Keir Starmer says he has no plans to step down following heavy losses for his ruling Labour Party to Nigel Farage's Reform U.K. in local elections.
Let me be clear, these are really tough results. I'm not going to sugarcoat it.
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