Stocks mixed, dollar slips as US jobs rise and oil stays high

Global equity markets ended the day with mixed results as the S&P 500 added 0.8% and the Nasdaq Composite rose 1.7% to fresh record levels, while European shares slipped and the Dow Jones Industrial Average was largely unchanged. Chipmakers led the rally, with Qualcomm jumping about 8% and Nvidia gaining 1.75%; Intel surged roughly 14% after a Wall Street Journal report of a preliminary manufacturing deal with Apple. Brent crude futures climbed to $101.29 a barrel, up 1.23%, after spiking 3% on concerns over renewed fighting near the Strait of Hormuz.

US labour data showed a stronger‑than‑expected increase in employment for April and the unemployment rate held at 4.3%, underscoring labour market resilience. Morgan Stanley's chief economist noted that solid jobs numbers keep the Federal Reserve in a watchful stance, focusing on inflation, and that rate cuts remain unlikely in the near term. At the same time, a consumer sentiment survey recorded a record low for early May, pressured by higher gasoline prices that strained household budgets.

Geopolitical tensions persisted as the United States and Iran exchanged air strikes in the Gulf, and the United Arab Emirates faced renewed attacks, keeping markets cautious. Analysts argued that the market appears eager to price in a swift end to the conflict, yet disruptions in the Strait of Hormuz may linger. In currency markets, the dollar slipped 0.1% to 156.73 yen, marking a second consecutive weekly decline, while the euro rose 0.5% to $1.177 and the Chinese yuan hovered near 6.8 per dollar. Treasury yields edged lower, with the 10‑year benchmark at 4.364%, and Bitcoin continued its rebound, reaching $80,101, up nearly 14% over three months.