April employment growth exceeded forecasts, easing Fed rate hike concerns despite elevated oil prices near $100.24 a barrel.
U.S. equities advanced Friday as April jobs data showed stronger-than-expected growth, reinforcing labor market resilience. The Dow Jones gained 0.21%, the S&P 500 climbed 0.5%, and the Nasdaq rose 0.8%, led by semiconductor stocks recovering from prior losses.
Chipmakers drove gains, with Microchip Technology up 1.4% after forecasting revenue above estimates. Qualcomm surged 4%, while Nvidia added 2%. The unemployment rate held steady at 4.3%, supporting expectations the Federal Reserve will maintain current interest rates amid stable inflation.
Brent crude futures traded slightly higher at $100.24 a barrel, paring earlier gains as geopolitical tensions near the Strait of Hormuz eased. The jobs report reduced speculation of near-term rate hikes, though cuts remain off the table for now.