US Stocks Rise to Records on Strong Jobs Data as ASX Set to Fall

Wall Street rose to record levels after a report showed the US job market performed better than economists expected. The S&P 500 climbed 0.8 per cent to an all-time high of 7,398.93. The Nasdaq composite rallied 1.7 per cent to its own record while the Dow Jones Industrial Average edged up 12.19 points to 49,609.16.

The report said US employers added 115,000 more jobs than they cut last month. While hiring slowed from March, it was still nearly double what economists expected. The data helped the S&P 500 close out a sixth straight winning week, its longest such streak since 2024.

The Australian sharemarket is set to open lower on Monday. Futures pointed to a loss of 42 points, or 0.5 per cent, at the open. The Australian dollar was trading at US72.50 cents at 5.17am AEST.

US forces fired on and disabled two Iranian oil tankers on Friday after exchanging fire with Iranian forces in the Strait of Hormuz. The incident is the latest flare-up in fighting that has raised doubts about a month-old ceasefire that the United States has said remains in effect.

The price for a barrel of Brent crude oil rose 1.2 per cent to settle at $US101.29. That is below its highs above $US119 during the conflict but well above its roughly $US70 level from late February before the fighting began. Markets have risen in part on hopes that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf.

Strong company profits have helped support the US stock market despite the uncertainties from the conflict. Monster Beverage jumped 13.6 per cent after the energy drink maker reported profit and revenue that topped analysts’ expectations for the latest quarter.

The company said net sales outside the United States made up about 45 per cent of its total, the highest percentage ever for the company. Akamai Technologies rose 26.6 per cent after its results passed expectations. The cybersecurity and cloud computing company announced a $US1.8 billion deal to provide cloud infrastructure services to a client over seven years.

It is benefiting from increased investment in artificial-intelligence technology. CoreWeave reported revenue for the latest quarter that was more than double what it was a year earlier. However its net loss was worse than analysts expected and its revenue forecast for the current quarter had a midpoint below expectations.

The stock of the company, which offers AI computing power over the cloud, fell 11.4 per cent. In stock markets abroad, indexes fell across much of Europe and Asia. Germany’s DAX lost 1.3 per cent and Hong Kong’s Hang Seng dropped 0.9 per cent. South Korea’s Kospi rose 0.1 per cent to another all-time high.

In the bond market, Treasury yields eased after a preliminary report suggested consumer sentiment is near its lowest level since 2022. Consumers expressed concern about high gasoline prices and tariffs though their expectations for inflation in the coming year softened slightly.

The yield on the 10-year Treasury fell to 4.36 per cent from 4.41 per cent late Thursday.