The US stock markets ended the week on Thursday before the Good Friday holiday with gains as S&P 500 hit a new record-high level and passed the 4,000 points mark.
The Dow Jones closed 0.52% higher while the S&P 500 gained 1.18% to close at 4,026.75 points. The Nasdaq 100 was up 1.82% led by Pinduoduo which rose 7.51%.
Non-Farm Payroll (NFP) Data
On the data front, the US Bureau of Labor Statistics on Friday unveiled the Nonfarm Payroll data, which measures the change in the number of people employed during the previous month, excluding the farming industry. The data showed that the nonfarm employment in the country jumped by 916,000 in March, topping analysts’ expectations.
The unemployment rate decreased 0.2 percentage points to 6.0%, marking a significant improvement compared to April last year. However, the figure remains 2.5 pps higher than pre-pandemic levels in February last year.
Tesla News
American electric car manufacturer Tesla Inc. on Friday said it produced 180,338 vehicles in the first quarter of 2021 and delivered 185,000 during the period. All the vehicles produced were Model 3 and Model Y, while the company also delivered Models S and X.
“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production,” Tesla said in a statement.
Meanwhile, the International Astronautical Federation (IAF) has invited Tesla CEO & SpaceX founder Elon Musk to join them for a Global Space Exploration Conference (GLEX) in St. Petersburg, Russia.
IAF executive Dr. Christian Feichtinger announced on Friday that the conference will also mark the 60th anniversary of Yuri Gagarin’s first humankind spaceflight.
In February, Elon Musk invited Russia’s President Vladimir Putin to a conversation on the Clubhouse audio chat platform, which Russia later disregarded as a “misunderstanding”.
Coinbase IPO
Cryptocurrency exchange platform Coinbase Global Inc. on Thursday announced it had received approval from the United States Securities and Exchange Commission to list its shares on the Nasdaq under the ticker symbol “COIN” on April 14, 2021.
Coinbase in February submitted documents to directly list its shares on the Nasdaq stock exchange under the ticker “COIN.”
According to a filling document with the Commission, Coinbase’s 2020 revenue came in at $1.27 billion, while net income stood at $322 million. Operating expenses were at $869 million.
IMF & US Treasury to provide $650B to pandemic hit countries
The United States Treasury Department on Thursday announced that it is working closely with the International Monetary Fund (IMF) to allocate $650B in currency aid to countries that were hardest hit by the pandemic.
In a statement, US Treasury said that the allocation of IMF Special Drawing Rights (SDRs) “would help build reserve buffers, smooth adjustments, and mitigate the risks of economic stagnation in global growth.”
It however noted that SDRs are not a “catch-all” solution, but rather a part of a broader effort to support global recovery during and after the pandemic.
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OPEC Meeting Notes
Ministers under the OPEC+ members on Thursday voted during their Joint Ministerial Monitoring Committee (JMMC) to ease oil output cuts by 350,000 barrels per day in May and June and by 450,000 in July.
Saudi Arabia will also ease its previous voluntary cuts of 1 million barrels per day by 250,000 in May, 350,000 in June and 400,000 in July.
The prices of oil jumped following the announcement of output increases with May’s West Texas Intermediate (WTI) jumping by more than 6% to go for $66.27 per barrel at 6:48 pm Eastern Time, while Brent for settlements in June rose over 4% to $63.22 per barrel.
