- U.S. stocks were mixed last week following the release of a stronger-than-expected jobs report which resurfaced concerns that the Federal Reserve may need to maintain an aggressive stance to stifle inflation.
- Indices that finished with gains include the Nasdaq Composite, Russell 2000, and S&P 500, likely supported by above-consensus corporate earnings results. Meanwhile the Dow Jones Industrial Average and S&P MidCap 400 finished in negative territory.
- Ride-hailing giants Uber and Lyft both reported positive news as their stock prices spiked. Uber’s revenue more-than-doubled last quarter while Lyft said its staff of drivers has increased as people look to offset higher household costs. Walmart announced layoffs in hundreds of corporate roles as it struggles with declining profits and price markdowns. Other companies that recently announced meaningful layoffs include Ford, Microsoft, and Facebook parent company Meta Platforms.
- Within the S&P 500, sectors were also mixed. Technology and communication services were positive to reduce some of their losses for the year. Energy lagged following a drop in crude oil prices.
- Growth stocks beat their value counterparts while small-cap stocks easily led large-caps last week.
