The increase is the 10th straight interest-rate hike since last March in what has been the most aggressive rate-hiking regime since the 1980s.
Nonfarm payrolls increased 253,000 for April, beating Wall Street estimates for growth of 180,000.
The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.
Average hourly earnings rose 0.5% for the month and increased 4.4% from a year ago, both higher than expected.
Probability for another 25bps hike in June doubled today pic.twitter.com/OWDq1ceIEx
— Jay Cal (@Jay__Cale) May 8, 2023
6/ So how has Big Tech fared? Here's a snapshot:$AAPL 29.18 on 1/4, 29.47 now$MSFT 35.39 then, 45.74 now$GOOG 25.78 then, 35.21 now$META 24.37 then, 40.24 now$NVDA 63.47 then, 164.24 now$AMZN 51.35 then, 267.10 now$NFLX and $TSLA are the only 2 with lower PEs today.
— RJR Capital (@RJRCapital) May 12, 2023
The U.S. could fail to meet its debt obligations sooner than expected, Treasury Secretary Janet Yellen warned in a letter to House Speaker Kevin McCarthy.
Yellen said a drop in tax receipts meant the U.S. could hit its debt ceiling as soon as June 1, earlier than Wall Street and Washington had estimated.
This date is earlier than Wall Street economists were expecting. Goldman Sachs’ latest estimate this week put the deadline at some point in late July, though the bank’s economists acknowledged that weaker-than-expected tax receipts could advance that timeline.
