Stocks Experience Mixed Trading Amid US Job Growth, Chipmaker Expansion, and Rising Oil Prices

Global Equities See Mixed Results as New U.S. Data Shows Job Growth, Consumer Sentiment Falls

The global equities market experienced a mixed outcome on Friday, with new data from the United States indicating domestic job growth, although consumer sentiment fell and oil prices remained elevated due to continued fighting near the Strait of Hormuz.

Key Highlights

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In the United States, the S&P 500 added 0.8%, while the Nasdaq Composite jumped 1.5% to fresh records. The Dow Jones Industrial Average was little changed. Chipmakers experienced a recovery, with Qualcomm up about 7.7% and Nvidia nearly 2% higher. Intel shares surged around 14% on a report that it had reached a preliminary agreement with Apple to manufacture some of the chips that power the iPhone maker's devices.

Oil prices rose again on Friday after renewed fighting near the Strait of Hormuz raised questions about the ceasefire between the United States and Iran. Benchmark Brent crude futures were last up 1% to around $101 a barrel.

The U.S. employment increased more than expected in April, with the unemployment rate holding steady at 4.3%. This points to labor market resilience and reinforces expectations that the Federal Reserve would leave interest rates unchanged for some time.

Meanwhile, U.S. consumer sentiment slumped to a record low in early May as higher gasoline prices weighed on household finances and purchasing power, a survey showed on Friday.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The U.S. and Iran exchanged fire in the Gulf, while the UAE came under renewed attack, testing a month-long ceasefire. Both sides played down the situation, leaving investors uncertain. Asian equities slipped from recent highs but remained on track for a robust week, supported by strong revenue and spending plans from U.S. AI hyperscalers, which have boosted regional chipmakers.

The dollar edged lower and was set for a second straight weekly decline, while the yen remained in focus after Japan intervened in currency markets in early May to stem its slide. The euro last bought $1.177, while China's yuan, Asia's best-performing currency since the war broke out, hovered near 6.8 per dollar, close to its strongest since 2023.

The pound and UK government bonds climbed on Friday after British Prime Minister Keir Starmer said he would not resign despite bruising losses for his ruling Labour Party in local elections. A U.S. trade court ruled that President Donald Trump's latest 10% temporary global duties are unjustified under a 1970s trade law, but the administration appealed the ruling on Friday, and analysts expect little overall impact on U.S. levies.

Treasury yields were slightly lower on Friday, with the benchmark 10-year yield at 4.364%, down 3 basis points. Bitcoin was drifting towards a sixth weekly gain in a row at $80,051.