Dubai Telegraph - US stocks rise on Meta, Microsoft ahead of key labor data

Several markets were shut in Europe and Asia for the May 1 holiday, including in France, Germany, Hong Kong and mainland China.

Among markets that were open, London was flat, while Tokyo climbed over one percent after Japan's central bank kept its key interest rate steady and warned of trade uncertainty.

Back on Wall Street, the tech-dominated Nasdaq led major US indices, winning 1.6 percent after AI strength boosted Microsoft results while robust ad spending lifting Facebook parent Meta Platforms.

On Wednesday, equities had initially tumbled after a poor US GDP report for the first quarter added to recession worries, but later rebounded following data showing solid US consumer spending and benign inflation.

Tokyo's main Nikkei 225 index closed 1.1 percent higher Thursday after the central bank's decision to hold rates caused the yen to fall against the dollar, boosting Japanese exporters.

The Bank of Japan warned that trade tariffs are fuelling global economic uncertainty and revised down its growth forecasts for the world's fourth-largest economy.

US President Donald Trump has imposed hefty levies on trading partners and imports including steel, aluminum and autos to rectify what he says are unfair trade imbalances.

Markets are looking ahead to Friday's US jobs data for April for indications of the Federal Reserve's path for interest rates.

"All that matters for the Fed is the jobs market so we head into a big risk event with tomorrow’s payrolls report," said Neil Wilson, UK investor strategist at Saxo Markets.

Investors are also awaiting earnings from US giants Amazon and Apple later in the day for further signals of the impact of tariffs on businesses.

- Key figures at around 1400 GMT -

New York - Dow: UP 0.5 percent at 40,875.72

New York - S&P 500: UP 0.9 percent at 5,617.10

New York - Nasdaq: UP 1.6 percent at 17,722.56

London - FTSE 100: DOWN 0.2 percent 8,478.81

Paris - CAC 40: closed for holiday

Frankfurt - DAX: closed for holiday

Tokyo - Nikkei 225: UP 1.1 percent at 36,241.70 (close)

Hong Kong - Hang Seng Index: closed for holiday

Shanghai - Composite: closed for holiday

Euro/dollar: DOWN at $1.1306 from $1.1328 on Wednesday

Pound/dollar: DOWN at $1.3316 from $1.3329

Dollar/yen: UP at 144.94 yen from 143.07 yen

Euro/pound: FLAT at 84.90 pence from 85.00 pence

West Texas Intermediate: DOWN 0.5 percent at $58.50 per barrel

Brent North Sea Crude: DOWN 0.5 percent at $61.37 per barrel

burs-jmb/bgs

F.A.Dsouza--DT