CNBC Business News Update Market Open: Stocks Higher on Strong Job Creation In April, Exxon Mobil Beats Quarterly Expectations But Cautious Outlook 5/2/25
May 2, 2025
The April jobs report sparks optimism as strong job growth drives a stock market rally. Analysts explore sector-specific gains but raise concerns about sustainability. Meanwhile, ExxonMobil exceeds quarterly expectations despite a cautious outlook amidst fluctuating oil prices. The discussion also delves into recent labor statistics, bond yield changes, and the buzz surrounding major upcoming investor events like the Berkshire Hathaway meeting.
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Strong Job Growth Boosts Markets
- The U.S. stock markets responded positively to stronger-than-expected job growth in April.
- The S&P 500 is approaching its best rally streak since 2020 with nine straight gains.
Mixed Job Growth Signals
- Job growth showed mixed trends with some sectors like healthcare and travel gaining jobs, while manufacturing and retail declined.
- These trends raise questions about the sustainability of the current job gains.
ExxonMobil Cautions on Outlook
- ExxonMobil posted better-than-expected quarterly earnings but signals uncertainty ahead due to market imbalances and tariff impacts.
- Increased supply and uncertain demand due to global factors are pressuring prices down.