🚀 April Jobs Report

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. In April, the U.S. job market experienced a notable slowdown, adding only 175,000 jobs, a figure substantially below Wall Street expectations. Despite the continued growth in health care and social assistance, which added 87,000 jobs, sectors like construction and leisure and hospitality saw minimal gains, with fewer than 10,000 jobs added in each. This slowdown could be seen as a positive indicator for controlling inflation but raises concerns about a potential broader economic downturn. According to Julia Pollak, chief economist at ZipRecruiter, the report reflects a labor market that is returning to a trend of gradually slowing job and wage growth, suggesting a scenario of steady labor market conditions with disinflationary growth rather than stagflation. Notably, white-collar sectors such as information and professional and business services experienced job losses, whereas retail trade and transportation and warehousing sectors saw increases, indicating mixed signals within the labor market.

2. Coinbase has reported a strong first-quarter performance with higher-than-expected revenue and a net income of $1.18 billion, marking a significant turnaround from last year's loss. This recovery was bolstered by a substantial gain attributed to new accounting standards for crypto assets. The company saw its transaction revenues nearly triple to $1.08 billion, with consumer transactions contributing $935 million of that total. The launch of new U.S. bitcoin ETFs, many of which use Coinbase for custody and have brought in over $50 billion, has helped attract more institutional investors. Despite these gains, Coinbase faces ongoing challenges, including regulatory hurdles with the SEC and increasing competition from other platforms. Furthermore, the quarter also saw a notable peak in insider sales, with top executives selling $383 million worth of shares.

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4. Headlines

   1. Sony has proposed buying Paramount for $26B.

   2. Bitcoin is back up above $60k.

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