Strong Jobs Data Send SPY Higher for 9th Straight Day

A strong April jobs report and tentative signs of easing trade tensions between the U.S. and China helped lift the S&P 500 to its ninth-straight day of gains on Friday, capping off a remarkable rebound for U.S. equities.

Mixed earnings from tech giants Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) were largely brushed aside by investors, who appear focused on the improving macro picture.

SPY, QQQ Almost Back to Even

It’s been an incredible stretch for the large-cap benchmark. After bottoming below 5,000 on April 8—just days after President Donald Trump’s announcement of sweeping “Liberation Day” tariffs shocked investors—the S&P 500 has more than recovered those losses. At its lowest point, the index was down 18.9% from its all-time high. As of Friday’s close, it’s down just 7.5%.

The comeback in tech stocks was even more dramatic. The Nasdaq-100, which was off nearly 23% at its lows, is now down only 9.3%.

Reflecting the rally, the SPDR S&P 500 ETF Trust (SPY) is down just 3% on the year, while the Invesco QQQ Trust (QQQ) is off about 4%.

Strong Jobs Report

Fueling the optimism was a better-than-expected April jobs report. Employers added 177,000 jobs during the month, beating the consensus estimate of 138,000. The data helped calm fears that higher import costs from the tariffs were already dragging the U.S. economy into a slowdown.

Adding to the tailwinds, Chinese officials signaled they may be open to resuming trade negotiations with the U.S., an olive branch that markets quickly priced in.

Still, not all was rosy. 

Big Tech Earnings Mixed

Apple and Amazon both underperformed on the day following their latest earnings reports.

Apple shares fell around 4% midday after the company forecast tepid revenue growth in the low- to mid-single digits for the upcoming quarter. Executives also warned that Trump’s tariffs could increase costs by as much as $900 million in the quarter.

Amazon, meanwhile, traded flat despite issuing in-line revenue guidance for its second quarter. The company noted that profitability could take a hit due to rising costs.

The two companies are widely seen as among the most exposed to the trade war due to their extensive exposure to China.

Earlier in the week, however, better-than-expected results from Microsoft Corp. (MSFT) and Meta Platforms Inc. (META) helped buoy sentiment across the tech sector. Alphabet Inc. (GOOGL) also reported solid earnings last week.

With economic data firming and tariff fears potentially peaking, investors appear to be breathing a sigh of relief, at least for now.