Markets Close Near Session Highs To Start Q2

U.S. indices closed near session highs Friday as investors continue to weigh Russia-Ukraine developments and the Fed rate hike outlook.

On Friday, the Labor Department reported the U.S. economy added just 431,000 jobs in March, missing economist estimates of 490,000 jobs. The Labor Department also revised its previous jobs estimates for January and February higher by a total of 95,000 jobs.

• The Nasdaq composite finished higher by 0.29% to 14,261; The Invesco QQQ Trust Series 1 QQQ lost 0.19% to $361.85
• The S&P 500 traded higher by 0.34% to 4,545; The SPDR S&P 500 ETF Trust SPY gained 0.27% to $452.87
• The Dow Jones composite finished lower by 0.92% to 11,889; The SPDR Dow Jones Industrial Average ETF Trust DIA finished higher by 0.34% at $348.01

The yield on 10-year U.S. Treasury bonds briefly dropped below the yield on 2-year Treasuries for the first time since 2019 on Thursday, a phenomenon known as a yield curve inversion. In the past, 2-year/10-year yield curve inversions have been reliable predictors that a U.S. economic recession is coming within six to 24 months.

Also on Thursday, the Joe Biden administration said it plans to release 1 million barrels of crude oil per day from U.S. strategic reserves in an effort to bring down surging oil and gasoline prices. In response, WTI crude oil prices pulled back from recent highs on Friday but remained above $100 per barrel.

Here are Friday's winners and losers from the Nasdaq-100, according to data from Benzinga Pro.

NetEase Inc NTES, Baidu Inc BIDU and Pinduoduo Inc - ADR PDD were among the top gainers for the Nasdaq Friday.

QUALCOMM, Inc. QCOM, Old Dominion Freight Line Inc ODFL and CSX Corporation CSX were among the top losers for the Nasdaq-100.

Elsewhere On The Street

The U.S. House of Representatives approved the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, H.R. 3617, on Friday. The MORE Act removes cannabis from the federal Controlled Substances Act… Read More

In a historic first for Amazon.com, Inc. AMZN, workers at a Staten Island warehouse voted in favor of forming a union, CNBC reported live Friday around noon… Read More

The U.S. added 431,000 jobs in March, missing consensus economist estimates of 490,000 jobs. The U.S. unemployment rate dropped to 3.6%, below the 3.7% level economists had projected… Read More