News

The U.S. dollar fell on Friday, but trimmed losses against the euro and yen, after data showed the world's largest economy added more new jobs than expected last month, reflecting a labor market that remained on stable footing. Gains in the greenback came after rising for most of the week against both the euro and yen, as optimism grew about the prospect of tariff deals with many U.S. trading partners including China. The jobs report, meanwhile, reinforced expectations that the Federal Reserve will hold interest rates steady for the next few meetings and not cut them until probably the summer.

The Reserve Bank of Australia delivered its first interest rate cut since November 2020 in February, signalling a potential turning point for bank margins after higher rates supercharged competition. Bank shares, which initially underperformed after the rate cut due to frothy valuations and disappointing earnings, rebounded following U.S. President Donald Trump's announcement of sweeping tariffs on April 2 as investors sought safe havens with minimal exposure to global trade disruption.

Strong Q1 earnings from Meta and Microsoft sparked an AI rally that boosted the tech-heavy index past its level on April 2, the day tariffs were revealed.

The Treasury Secretary pointed to two-year Treasury yields as a signal that the market is ready for interest rate cuts from the Fed.

CEO Steve Huffman said in an earnings call that the company still expects some "bumps" in traffic due to Google's algorithm.

Domain registrar and web services company GoDaddy (NYSE:GDDY) reported Q1 CY2025 results exceeding the market’s revenue expectations, with sales up 7.7% year on year to $1.19 billion. The company expects next quarter’s revenue to be around $1.21 billion, close to analysts’ estimates. Its GAAP profit of $1.51 per share was 9.9% above analysts’ consensus estimates.

American restaurant chain BJ’s Restaurants (NASDAQ:BJRI) met Wall Street’s revenue expectations in Q1 CY2025, with sales up 3.2% year on year to $348 million. Its non-GAAP profit of $0.59 per share was 53.4% above analysts’ consensus estimates.