Business
Heard on the Street Recap
What Happened in Markets Today
The U.S. economy added 115,000 jobs in April, the Labor Department said, far exceeding expectations. The unemployment rate stayed unchanged at 4.3%. The jobs report puts the Federal Reserve’s focus squarely on inflation data when it comes to determining its next move on interest rates. Four months ago, a big question for the Fed was whether it needed to keep cutting rates to support what looked like a shaky labor market. But that question is now gone.
Intel shares rose 14% after The Wall Street Journal reported that the chip maker struck a preliminary deal to supply chips to Apple. It’s still unclear which Apple products Intel would make chips for. Intel reached a stock-market value of $628 billion, and its shares are up almost 500% in the past year. The news lifted other semiconductor stocks, including Micron, which gained 15%. The PHLX Semiconductor Index rose 5.5%. Apple’s stock climbed 2%.
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