The US stock market opened on a positive note today, building on the robust gains from the previous session where both the S&P 500 and Nasdaq Composite surged over 1%.
This uptick followed the release of the nonfarm payrolls data for April, which revealed fewer-than-expected job additions and a rise in unemployment, alleviating concerns over monetary policy.
Consequently, sentiment improved among traders who are more optimistic about the Federal Reserve potentially lowering interest rates sooner, with a first cut currently expected in September.
Investors are poised to gain further insights into the Federal Reserve’s future actions today, as Richmond Fed President Tom Barkin and New York Fed President John Williams are scheduled to speak. However, their comments could fuel some volatility. Additionally, major US indices could continue to find support in the strong company results as the earnings season continues.
In this regard, Warren Buffett’s Berkshire Hathaway reported stronger-than-expected earnings while traders could also react to a series of earnings releases this week from Palantir, Walt Disney, Uber and others
