Haverford Trust Company co-CIO Henry Smith says pent-up consumer demand will drive recovery.
U.S. equity markets pushed back Friday against a dismal March jobs report showing the COVID-19 pandemic hit the U.S. economy harder than expected.
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The Dow Jones Industrial Average fell just 70 points, or 0.33 percent, in the opening minutes of trading despite unemployment near the worst of the Trump era. The S&P 500 and Nasdaq Composite dropped 0.42 percent and 0.39 percent, respectively.
The Labor Department said the U.S. economy lost 701,000 nonfarm jobs in the month as the unemployment rate climbed to 4.4 percent. Wall Street economists surveyed by Refinitiv were anticipating a loss of 100,000 jobs and an unemployment rate of 3.8 percent.
The U.S. economy had added 273,000 jobs in February as the unemployment rate ticked down to 3.5 percent.
Meanwhile, oil continued higher, with West Texas Intermediate crude up 12 percent near $28.25 per barrel, after reports indicated OPEC and its allies will hold a virtual meeting on Monday in an attempt to end the price war between Russia and Saudi Arabia.
Exxon Mobil, Chevron and Continental Resources were among the names in focus as oil executives were set to meet with President Trump on Friday.
Elsewhere, Tesla shares surged after the electric-vehicle maker reported record first-quarter deliveries despite disruptions caused by the pandemic. The company delivered 88,400 vehicles in the quarter, up from about 63,000 a year earlier.
Bed Bath & Beyond announced it was furloughing the majority of its workers until at least May 2.
On the earnings front, amusement company Dave & Buster’s reported better-than-expected top- and bottom-line results, but suspended its dividend and share buyback program.
Pet-food seller Chewy reported a smaller-than-anticipated loss and in-line revenue.
U.S. Treasurys gained ground, pushing the yield on the 10-year note lower by 3.7 basis points to 0.59 percent.
In Europe, markets were lower across the board, with Britain’s FTSE down 1.05 percent, France’s CAC lower by 1.2 percent and Germany’s DAX weaker by 0.3 percent.
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Asian markets were mixed with Japan’s Nikkei edging up 0.01 percent while China’s Shanghai Composite and Hong Kong’s Hang Seng slid 0.6 percent and 0.19 percent, respectively.
