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The S&P 500 jumped 1.5% on Friday, May 2, as the latest jobs report revealed a strong pace of hiring in April despite tariff-related uncertainties.
DexCom shares surged as strong demand for its glucose monitors helped the medical device maker beat quarterly sales estimates.
Video game maker Take-Two Interactive announced that it was pushing back the release of Grand Theft Auto VI to the middle of next year, and its shares tumbled.
Major U.S. equities indexes pushed higher on the final day of the trading week.
The latest report from the Bureau of Labor Statistics showed that the economy added more jobs than expected in April. The strong pace of hiring suggests that the labor market remains resilient despite uncertainties related to tariffs and trade policies.
The S&P 500 jumped 1.5%, marking its ninth straight winning session. The Nasdaq also added 1.5%, while the Dow ended 1.4% higher.
DexCom (DXCM) shares surged 16.2%, gaining the most of any S&P 500 stock, after the maker of glucose monitoring devices for patients with diabetes topped first-quarter revenue estimates. Although profits came in slightly below expectations and the company said that incremental costs could pressure its 2025 gross profit margins, DexCom highlighted strong demand and announced a $750 million stock buyback program.
The strong jobs report, which helped alleviate concerns about the potential for a sustained economic downturn driven by trade tensions, helped boost the outlook for U.S. travel demand. Shares of numerous companies in the travel industry moved higher. United Airlines Holdings (UAL) shares lifted 7.1%, while Delta Air Lines (DAL) shares advanced 6.6%. Shares of cruise operator Norwegian Cruise Line Holdings (NCLH) were up 6.8%.
Franklin Resources (BEN) stock added 7.2% following the investment management holding company’s quarterly earnings report. While profits came in below estimates, they grew on a year-over-year basis, and revenue in the period exceeded forecasts. Franklin also touted strong inflows for its exchange-traded fund (ETF) business, which achieved a record high in assets under management (AUM).
Although internet domain and web hosting provider GoDaddy (GDDY) exceeded earnings per share (EPS) and revenue expectations for the first quarter of 2025, analysts at RBC and Barclays reduced their price target on the stock, citing valuation concerns. GoDaddy shares slipped 8.4% on Friday, suffering the heaviest decline in the S&P 500.
Shares of public safety, enterprise security, and critical communications company Motorola Solutions (MSI) sank 7.5%. Although the provider of land mobile radio and video security systems exceeded first-quarter sales and profit expectations, it provided relatively muted guidance for sales growth in the second quarter. The company also indicated that potential tariffs could generate cost pressure throughout 2025.
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