Jobs report, Big Oil earnings, de minimis closure: What to Watch
Market Domination Overtime anchor Julie Hyman previews the biggest market stories and data due out for Friday, May 2, namely the April jobs report, earnings from Big Oil producers Exxon Mobil ( XOM ), Chevron ( CVX ), and Shell ( SHEL ), and the closing date for de minimis exemptions on low-value imports from China into the US.
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Time now for what to watch Friday, May 2nd. Starting off on the labor front. April's full jobs report coming out in the morning. Economists forecast 135,000 non-farm payrolls were added last month, while the unemployment rate and hourly wages held steady at 4.2% and 0.3% respectively. Taking a look at earnings, we'll have big oil capping off a big week of earnings. We'll be getting reports from Exxon, Chevron, and Shell in the morning. Exxon will announce results for its first quarter before the markets open. Analysts expect the company to benefit from higher oil and gas prices and better downstream margins. And finally, the Trump administration eliminating the de minimis exemption for low value imports from China. The exemption currently allows goods valued at $800 or less to enter the US duty-free. E-commerce companies like Shine, Temu, which is owned by PDD Holdings, and Alibaba, they're all bracing for the closure, which could lead to further price increases from goods for goods from those Chinese retailers.