{"id":17238,"date":"2023-06-02T10:56:38","date_gmt":"2023-06-02T14:56:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tech-stocks-stay-strong-despite-mixed-employment-report\/"},"modified":"2023-06-02T10:56:40","modified_gmt":"2023-06-02T14:56:40","slug":"tech-stocks-stay-strong-despite-mixed-employment-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17238","title":{"rendered":"Tech Stocks Stay Strong Despite Mixed Employment Report"},"content":{"rendered":"<div>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Jobs Number Offers Little Clarity<\/li>\n<li>Tech Stocks Remain Strong<\/li>\n<li>Oil Rallying<\/li>\n<\/ul>\n<p>The S&amp;P 500 and Nasdaq Composite closed at their highest levels since August on Thursday. A higher close today would see the Nasdaq making it six consecutive weekly gains. With legislation to suspend the debt ceiling signed overnight, one worry for the market is avoided. Now the question will become, what\u2019s next for interest rates following today\u2019s employment report.<\/p>\n<p>This morning\u2019s jobs number offered some mixed messages. Economists were expecting 180 thousand new jobs and an unemployment rate of 3.5%. Instead, 339 thousand new jobs were created in May while the unemployment report came in slightly higher than expected at 3.7%. Heading into this morning\u2019s employment report, there was a 30% chance the Fed would raise rates by a quarter point and 70% chance they would sit tight. Following the report, those probabilities remained about the same. Expectations as to what the Fed will do next have been in flux all week as various members of the Fed offered disparate opinions on interest rates.<\/p>\n<p>Despite debt ceiling and potential interest rate concerns, the story of this market has been and continues to be, tech. Shares of Apple<fbs-ticker data-name=\"AAPL\" data-href=\"https:\/\/www.forbes.com\/companies\/apple\" data-type=\"stock\"><br \/>\n  AAPL<br \/>\n <\/fbs-ticker> closed May at their highest level since 2021 and are on track to make an all-time high. Nvidia continues its torrid run as its market cap flirts with $1 trillion. Amazon<fbs-ticker data-name=\"AMZN\" data-href=\"https:\/\/www.forbes.com\/companies\/amazon\" data-type=\"stock\"><br \/>\n  AMZN<br \/>\n <\/fbs-ticker> and Google<fbs-ticker data-name=\"GOOG\" data-href=\"https:\/\/www.forbes.com\/companies\/google\" data-type=\"stock\"><br \/>\n  GOOG<br \/>\n <\/fbs-ticker> are both up around 50% from their 2022 lows, while Microsoft<fbs-ticker data-name=\"MSFT\" data-href=\"https:\/\/www.forbes.com\/companies\/microsoft\" data-type=\"stock\"><br \/>\n  MSFT<br \/>\n <\/fbs-ticker>, Netflix and Tesla<fbs-ticker data-name=\"TSLA\" data-href=\"https:\/\/www.forbes.com\/companies\/tesla\" data-type=\"stock\"><br \/>\n  TSLA<br \/>\n <\/fbs-ticker> are all strong. We\u2019ll see what effect today\u2019s employment report and any changes in interest rate expectations have on this sector.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Other stocks making news this morning include Lululemon and Broadcom<fbs-ticker data-name=\"AVGO\" data-href=\"https:\/\/www.forbes.com\/companies\/broadcom\" data-type=\"stock\"><br \/>\n  AVGO<br \/>\n <\/fbs-ticker>. Both companies beat on earnings estimates and also raised full year guidance. Shares of Lulu are higher by 13% in early trading while shares of Broadcom are higher by 3.5%.<\/p>\n<p>In commodities, gold is looking to close higher after three consecutive down weeks. For the year, gold is up 8%. Oil is higher this morning by 2.5%. After hitting a low of $67 on Tuesday, prices have since turned and rallied over 7%.<\/p>\n<p>In a year that has been filled with concerns about inflation, a potential debt default and heighted global tensions, this has been a very resilient market. The S&amp;P 500 is now above the 4200 level I\u2019ve repeatedly spoken about as an area of resistance. The Nasdaq is at levels not seen since a year ago. Volatility is down in an area we haven\u2019t touched since 2021. Heading into the summer months, the market arguably looks the best it\u2019s looked in a year. At the same time, the moment investors become complacent tends to be the moment markets decide things went a bit too far. As always, I would stick with your investing plans and long term objectives.<\/p>\n<p><em>tastytrade, Inc. commentary for educational purposes only. This content is not, nor is intended to be, trading or investment advice or a recommendation that any investment product or strategy is suitable for any person.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/jjkinahan\/2023\/06\/02\/tech-stocks-stay-strong-despite-mixed-employment-report\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Jobs Number Offers Little Clarity Tech Stocks Remain Strong Oil Rallying The S&amp;P 500 and Nasdaq Composite closed at their highest levels since August on Thursday. A higher close today would see the Nasdaq making it six consecutive weekly gains. With legislation to suspend the debt ceiling signed overnight, one worry for the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-17238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech Stocks Stay Strong Despite Mixed Employment Report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Key Takeaways Jobs Number Offers Little Clarity Tech Stocks Remain Strong Oil Rallying The S&amp;P 500 and Nasdaq Composite closed at their highest levels\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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