Bonds & Stocks
Signs of labor-market strength drove stocks higher, bolstering speculation that the world’s largest economy remains resilient in the face of an energy shock triggered by the Iran war. The S&P 500 rose 0.5%. The yield on 10-year Treasuries declined three basis points to 4.35%.
Economy
US employers added more jobs than expected for a second month and the unemployment rate held steady in April, indicating the labor market is holding up despite rising energy costs sparked by the Iran war. Nonfarm payrolls rose 115,000 last month after an even bigger surge in March, marking the strongest two-month increase since 2024.
World
The US said it expects Iran to respond to President Donald Trump’s latest proposal to end their war imminently, as overnight clashes threatened to further fracture a monthlong ceasefire. Iran “should” give an answer on Friday, Secretary of State Marco Rubio told reporters.