BYND Beyond Meat Inc

By William Watts and Mark DeCambre, MarketWatch

The U.S. generated 263,000 jobs in April, Labor Department data showed

Stock benchmarks headed higher Friday morning after a key reading of April employment came in hotter than expected, with unemployment falling to a nearly 50-year low, underscoring the health of the U.S. job market.

How are benchmarks performing?

The Dow Jones Industrial Average rose 108 points, or 0.4%, to 26,416, the S&P 500 index climbed 17 points, or 0.6%, at 2,934, while the Nasdaq Composite Index advanced 75 points, or 0.9%, at 8,110.

For the week, all three main benchmarks were poised for weekly skid of at least 0.2%, with the Nasdaq poised to halt a weekly win streak at five with a 0.5% five-session drop.

What's driving the market?

The April jobs report underscored a healthy labor market that produced a stronger-than-expected (http://www.marketwatch.com/story/us-creates-263000-jobs-in-april-unemployment-falls-to-36-2019-05-03) 263,000 new jobs in April, helping to drive down the unemployment rate to a 49-year low of 3.6%, topping economists' estimates polled by MarketWatch for monthly job gains of 217,000.

The jobless rate slid from 3.8% in March to hit the lowest level since December 1969. The average wage paid to American workers rose 6 cents, or 0.2%, to $27.77 an hour, while the 12-month rate of hourly wage gains was unchanged at 3.2%. Hours worked each week fell 0.1 hour in April to 34.4.

Read:The jobs report might be incredibly strong for an unusual reason (http://www.marketwatch.com/story/why-the-april-jobs-report-could-be-unusually-strong-and-not-reflecting-underlying-economy-2019-05-02)

The labor market data appeared to help stock-market bulls momentarily shake off a two-day skid for the S&P 500 and Dow, widely blamed on disappointment with remarks by Federal Reserve Chairman Jerome Powell on Wednesday. Powell offered no indication the central bank was eager to move rates either direction (http://www.marketwatch.com/story/fed-sticks-with-patient-policy-notes-weaker-core-inflation-2019-05-01), appearing to disappoint investors who had hoped the central bank would indicate it was tilting toward a rate cut.

Read: 'Boom!' Economists hail strong jobs report as jobless rate dips to Vietnam draft-era low (http://www.marketwatch.com/story/boom-economists-hail-strong-jobs-report-as-jobless-rate-dips-to-vietnam-draft-era-low-2019-05-03)

A heavy week of earnings results is set to draw to a close.

What stocks are in focus?

Amazon.com Inc.(AMZN) stocks were rising in premarket activity after billionaire investor Warren Buffett told CNBC late Thursday that Berkshire Hathaway (BRKA) (BRKA) had bought shares of the e-commerce giant. Shares of the e-commerce giant rose 2.1%.

Read:Berkshire buying Amazon is a wake-up call for individual investors, says this portfolio manager (Berkshire%20buying%20Amazon%20is%20a%20wake-up%20call%20for%20retail%20investors,%20says%20this%20portfolio%20manager)

Shares of Newell Brands(NWL) may be in focus after topping Wall Street expectations for earnings and sales. The company's stock surge more than 12%.

Shares of Beyond Meat Inc. , the alternative meat company, extended its gains after its initial public offering on Thursday. Shares were up about 6.8% on Friday.

What are analysts saying?

"This is another loud and clear signal that the economy is in really good shape. Jobs--check, wages--check, earnings--check, and tame inflation--check," wrote Mike Loewengart, v.p. investment strategy at E-Trade Financial Corp., in a Friday note after the jobs report.

"We're getting to a point where it's hard to find something to be concerned about. But that's not an excuse for complacency. As we enter the back nine of earnings season, traders will likely turn their attention to potential trade resolutions coming out of Washington next week. And despite the murmuring of positivity on that front, there are more than a few questions marks in the air," he said.

What else is on the economic calendar?

A reading of advance trade deficit in goods rose 0.7% to $71.4 billion, according to the government report. Economists polled by MarketWatch expected a $72 billion trade gap.

The Institute for Supply Management nonmanufacturing index (http://www.marketwatch.com/story/ism-services-index-slows-in-april-to-lowest-level-in-nearly-two-years-2019-05-03), or services, came in at 55.5, representing the lowest read since August 2017. Economists polled by MarketWatch had expected a reading of 56.1. A reading of 50 or better indicates improving conditions.

Investors will also hear from a range of Fed speakers. Chicago Fed President Charles Evans is set to speak at 10:15 a.m., while Fed Vice Chairman Richard Clarida makes an appearance at 11:30 a.m. New York Fed President John Williams is set to speak at 1:45 p.m.

How did other markets trade?

China's markets were closed for a holiday, and Japan's Nikkei remained closed for a 10-day holiday commemorating the installation of a new emperor earlier this week. Hong Kong's Hang Seng Index advanced on the day.

European stocks were broadly higher (http://www.marketwatch.com/story/strong-banks-and-weak-miners-tug-europe-markets-in-opposite-directions-2019-05-02) as reflected by a 0.6% gain in the Stoxx Europe 600. .

Crude-oil prices traded mixed Friday, while gold prices edged higher in early trade after settling at its lowest level in about four months on Thursday. The U.S. dollar index , meanwhile, edged slightly higher.

(END) Dow Jones Newswires

May 03, 2019 10:15 ET (14:15 GMT)

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