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Economic Times
5 days ago
- Business
- Economic Times
Wall Street posts weekly gains, Treasury yields jump as upbeat jobs data ease economic fears
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel U.S. stocks closed sharply higher on Friday and U.S. Treasury yields jumped as a generally upbeat employment report and bounce-back in Tesla shares helped the indexes notch weekly three major U.S. stock indexes surged, while bitcoin jumped and crude prices settled at their highest level since mid-April."Stocks bounced back nicely today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It's a recent theme we've been seeing; the day after a red day has been pretty strong. That's another clue that the bulls are in charge."The U.S. economy added 139,000 jobs in May, topping analysts' expectations, while the unemployment rate held firm at 4.2%, the Labor Department said. The report also showed hotter-than-anticipated wage growth, which is unlikely to convince the U.S. Federal Reserve to cut its key policy rate in the near term."The headline number was solid, but clearly there is some deterioration and slowing when you peel back the onion," Detrick added. "The reality, though, is the labor market is still growing and the overall economy is still on fairly firm footing. That led to the relief rally to close out a solid week."Tesla stock rebounded 3.8% a day after a very public spat between U.S. President Donald Trump and his top advisor, billionaire Elon Musk, sent shares of Musk-helmed Tesla tumbling, which helped drag the indexes decisively falling out between the erstwhile allies revived concerns over Trump's "Big Beautiful Bill" of tax and spending plans and its effect on the growing negotiations between the U.S. and its trading partners remain fluid, with the European Union and India working toward ironing out deals, and further U.S.-China talks promised after Trump's phone call on Thursday with Chinese President Xi has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers amid emerging supply chain snags due to Beijing's export curbs on the materials. On the flip side, the United States has suspended licenses for nuclear equipment suppliers to sell to Chinese power plants, according to people familiar with the Dow Jones Industrial Average rose 443.13 points, or 1.05%, to 42,762.87. The S&P 500 climbed 61.06 points, or 1.03%, to 6,000.36 and the Nasdaq Composite advanced 231.50 points, or 1.20%, to 19, shares followed their U.S. counterparts higher after the jobs report, notching their second consecutive weekly gains, buoyed by upbeat U.S. employment data and waning worries over trade gauge of stocks across the globe rose 5.27 points, or 0.59%, to pan-European STOXX 600 index rose 0.32%, while Europe's broad FTSEurofirst 300 index rose 7.10 points, or 0.32%.Emerging market stocks rose 0.12 points, or 0.01%, to 1,182.80. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.1%, to 622.63, while Japan's Nikkei rose 187.12 points, or 0.50%, to 37, dollar rose against major currencies in the wake of the better-than-expected employment dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.51% to 99.18, with the euro down 0.42% at $ the Japanese yen, the dollar strengthened 0.87% to report also prompted a rally in cryptocurrencies. Bitcoin gained 3.80% to $104,334.11. Ethereum rose 3.7% to $2,487.77.U.S. Treasury yields also rode the wave of the upbeat jobs benchmark U.S. 10-year note yield rose 11.1 basis points to 4.506% from 4.395% late on 30-year bond yield rose 8.2 basis points to 4.9655% from 4.884% late on 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 11.7 basis points to 4.041%, from 3.924% late on prices registered their first weekly gain in three after Trump and Xi resumed trade talks, raising hopes of demand growth.U.S. crude rose 1.91% to settle at $64.58 per barrel, while Brent settled at $66.47 per barrel, up 1.73% on the prices dipped in opposition to the strengthening greenback, as the jobs report clouded the outlook for rate cuts from the Federal gold fell 1.27% to $3,310.58 an ounce. U.S. gold futures fell 1.23% to $3,309.50 an ounce.
Time of India
5 days ago
- Business
- Time of India
Wall Street posts weekly gains, Treasury yields jump as upbeat jobs data ease economic fears
U.S. stocks surged, fueled by a strong employment report and a Tesla rebound, leading to weekly gains across major indexes. The robust jobs data, coupled with rising wages, tempered expectations for near-term Federal Reserve rate cuts. Trade developments, including U.S.-China talks and EU negotiations, also influenced market sentiment, while Treasury yields jumped and the dollar strengthened. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stocks closed sharply higher on Friday and U.S. Treasury yields jumped as a generally upbeat employment report and bounce-back in Tesla shares helped the indexes notch weekly three major U.S. stock indexes surged, while bitcoin jumped and crude prices settled at their highest level since mid-April."Stocks bounced back nicely today," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "It's a recent theme we've been seeing; the day after a red day has been pretty strong. That's another clue that the bulls are in charge."The U.S. economy added 139,000 jobs in May, topping analysts' expectations, while the unemployment rate held firm at 4.2%, the Labor Department said. The report also showed hotter-than-anticipated wage growth, which is unlikely to convince the U.S. Federal Reserve to cut its key policy rate in the near term."The headline number was solid, but clearly there is some deterioration and slowing when you peel back the onion," Detrick added. "The reality, though, is the labor market is still growing and the overall economy is still on fairly firm footing. That led to the relief rally to close out a solid week."Tesla stock rebounded 3.8% a day after a very public spat between U.S. President Donald Trump and his top advisor, billionaire Elon Musk, sent shares of Musk-helmed Tesla tumbling, which helped drag the indexes decisively falling out between the erstwhile allies revived concerns over Trump's "Big Beautiful Bill" of tax and spending plans and its effect on the growing negotiations between the U.S. and its trading partners remain fluid, with the European Union and India working toward ironing out deals, and further U.S.-China talks promised after Trump's phone call on Thursday with Chinese President Xi has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers amid emerging supply chain snags due to Beijing's export curbs on the materials. On the flip side, the United States has suspended licenses for nuclear equipment suppliers to sell to Chinese power plants, according to people familiar with the Dow Jones Industrial Average rose 443.13 points, or 1.05%, to 42,762.87. The S&P 500 climbed 61.06 points, or 1.03%, to 6,000.36 and the Nasdaq Composite advanced 231.50 points, or 1.20%, to 19, shares followed their U.S. counterparts higher after the jobs report, notching their second consecutive weekly gains, buoyed by upbeat U.S. employment data and waning worries over trade gauge of stocks across the globe rose 5.27 points, or 0.59%, to pan-European STOXX 600 index rose 0.32%, while Europe's broad FTSEurofirst 300 index rose 7.10 points, or 0.32%.Emerging market stocks rose 0.12 points, or 0.01%, to 1,182.80. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.1%, to 622.63, while Japan's Nikkei rose 187.12 points, or 0.50%, to 37, dollar rose against major currencies in the wake of the better-than-expected employment dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.51% to 99.18, with the euro down 0.42% at $ the Japanese yen, the dollar strengthened 0.87% to report also prompted a rally in cryptocurrencies. Bitcoin gained 3.80% to $104,334.11. Ethereum rose 3.7% to $2,487.77.U.S. Treasury yields also rode the wave of the upbeat jobs benchmark U.S. 10-year note yield rose 11.1 basis points to 4.506% from 4.395% late on 30-year bond yield rose 8.2 basis points to 4.9655% from 4.884% late on 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 11.7 basis points to 4.041%, from 3.924% late on prices registered their first weekly gain in three after Trump and Xi resumed trade talks, raising hopes of demand growth.U.S. crude rose 1.91% to settle at $64.58 per barrel, while Brent settled at $66.47 per barrel, up 1.73% on the prices dipped in opposition to the strengthening greenback, as the jobs report clouded the outlook for rate cuts from the Federal gold fell 1.27% to $3,310.58 an ounce. U.S. gold futures fell 1.23% to $3,309.50 an ounce.
The Sun
09-05-2025
- Business
- The Sun
Workday Gets No-Bid OPM Deal Amid Musk-Led Fed Cuts
WASHINGTON: The federal human resources agency at the heart of billionaire Trump advisor Elon Musk's efforts to slash the federal workforce has awarded a contract for a new cloud-based HR platform to Workday without seeking bids from rivals, raising questions among the agency's current and former employees. The workers, consulted on Thursday, described the sole source contract as unusual, given the competition in an industry that includes ADP and SAP. They expressed surprise to see OPM's largely successful in-house HR platform on track to be replaced. The Office of Personnel Management said in a May 2 memo that the sole source award was necessary due to 'an urgent confluence of operational failures and binding federal mandates that require immediate action,', citing strict deadlines from President Donald Trump's administration for workforce restructuring and hiring reforms. 'OPM's fragmented and outdated HR systems have reached a critical failure point, resulting in payroll errors, benefits disruptions, and a manual workload that is no longer sustainable,' said the memo. Workday said in a statement it was 'honored to partner with OPM' to modernize its HR systems via the 12-month $342,200 contract. OPM did not respond to a request for comment on the memo, first reported by Washington Technology on Wednesday. The contract, awarded on May 2, puts Workday in charge of HR-related tasks such as payroll, hiring, time and attendance tracking. The Musk-helmed Department of Government Efficiency has said it is trying to cut the federal workforce and slash contracts. DOGE has led an unprecedented government overhaul in which some 260,000 civil servants have resigned, been fired or taken early retirement, according to a Reuters tally. DOGE claims to have saved U.S. taxpayers $160 billion to date, although its accounting has been riddled with errors and corrections. Among the employees who were shown the door at OPM were many of those charged with running award-winning federal HR platforms like USA Performance and USA Staffing, which OPM spent millions developing for use across the federal government and which the agency now appears to be replacing with Workday. Deprived of dozens of key support staff, those platforms may in fact be breaking down, two former employees with knowledge of the matter said, adding most of OPM's HR platforms have already been migrated to the cloud. 'Unusual and compelling urgency' Usually, to win approval for a non-competitive bidding process, agencies need to demonstrate 'unusual and compelling urgency' and show that the chosen vendor is uniquely up to the challenge. Dayforce, another competitor, expressed interest in the project, the memo said. But the memo said Workday's work for Walmart, the largest private U.S. employer, and other Fortune 500 companies showed it was 'unique' in its ability to scale up to meet OPM's needs. OPM argued in the memo that a 'full and open competition' would delay the project by six to nine months. Workday CEO Carl Eschenbach has made no secret of the possibilities he sees in DOGE. 'We see it as a massive opportunity for Workday ... Spending time in DC, everyone is pulling for Workday. They want to move to our platform,' Eschenbach said in a CNBC interview earlier this year.
Yahoo
08-05-2025
- Business
- Yahoo
Workday gets contract from US agency behind DOGE's staff cuts without competitive tender
By Alexandra Alper WASHINGTON (Reuters) - The federal HR agency at the heart of billionaire Trump advisor Elon Musk's efforts to slash the federal workforce says it has awarded a contract for a new cloud-based HR platform to Workday without seeking bids from rivals. A sole-source award to Workday is necessary due to "an urgent confluence of operational failures and binding federal mandates that require immediate action," the Office of Personnel Management said in a memo uploaded on May 2, citing strict deadlines from the Trump administration for workforce restructuring and hiring reforms. "OPM's fragmented and outdated HR systems have reached a critical failure point, resulting in payroll errors, benefits disruptions, and a manual workload that is no longer sustainable," said the memo. OPM did not respond to a request for comment on the memo, which was first reported by Washington Technology on Wednesday. Workday said in a statement that the company was "honored to partner with OPM" to modernize its HR systems. The contract, awarded on May 2, comes even as the Musk-helmed Department of Government Efficiency has sought to cut the federal workforce and slash contracts. DOGE has led an unprecedented government overhaul in which some 260,000 civil servants have resigned, been fired or taken early retirement, according to a Reuters tally. It also claims to have saved U.S. taxpayers $160 billion to date, although its accounting has been riddled with errors and corrections. News of the single source award came as a shock to some current and former employees, who described OPM's HR system as functional and mostly migrated to the cloud already. They described the single source award as unusual, given the competition in an industry that includes ADP and SAP. Dayforce, another competitor, expressed interest in the project, the memo said, but argued that Workday's work for Walmart, the largest private U.S. employer, and other Fortune 500 companies showed it was "unique" in its ability to scale up to meet OPM's needs. Usually, to win approval for a non-competitive bidding process agencies need to demonstrate "unusual and compelling urgency" and show that the chosen vendor is uniquely up to the challenge. OPM argued in the memo that a "full and open competition" would delay the project by six to nine months. The document did not include a value for the project but OPM said Workday's pricing for the HR-related tasks such as payroll, hiring, time and attendance tracking, had been "determined fair and reasonable," describing it as 70% more affordable than the existing system. Workday CEO Carl Eschenbach has made no secret of the possibilities he sees in DOGE. "We see it as a massive opportunity for Workday ... Spending time in DC, everyone is pulling for Workday. They want to move to our platform," Eschenbach said in a CNBC interview earlier this year.
Yahoo
08-05-2025
- Business
- Yahoo
Workday gets contract from US agency behind DOGE's staff cuts without competitive tender
By Alexandra Alper WASHINGTON (Reuters) - The federal HR agency at the heart of billionaire Trump advisor Elon Musk's efforts to slash the federal workforce says it has awarded a contract for a new cloud-based HR platform to Workday without seeking bids from rivals. A sole-source award to Workday is necessary due to "an urgent confluence of operational failures and binding federal mandates that require immediate action," the Office of Personnel Management said in a memo uploaded on May 2, citing strict deadlines from the Trump administration for workforce restructuring and hiring reforms. "OPM's fragmented and outdated HR systems have reached a critical failure point, resulting in payroll errors, benefits disruptions, and a manual workload that is no longer sustainable," said the memo. OPM did not respond to a request for comment on the memo, which was first reported by Washington Technology on Wednesday. Workday said in a statement that the company was "honored to partner with OPM" to modernize its HR systems. The contract, awarded on May 2, comes even as the Musk-helmed Department of Government Efficiency has sought to cut the federal workforce and slash contracts. DOGE has led an unprecedented government overhaul in which some 260,000 civil servants have resigned, been fired or taken early retirement, according to a Reuters tally. It also claims to have saved U.S. taxpayers $160 billion to date, although its accounting has been riddled with errors and corrections. News of the single source award came as a shock to some current and former employees, who described OPM's HR system as functional and mostly migrated to the cloud already. They described the single source award as unusual, given the competition in an industry that includes ADP and SAP. Dayforce, another competitor, expressed interest in the project, the memo said, but argued that Workday's work for Walmart, the largest private U.S. employer, and other Fortune 500 companies showed it was "unique" in its ability to scale up to meet OPM's needs. Usually, to win approval for a non-competitive bidding process agencies need to demonstrate "unusual and compelling urgency" and show that the chosen vendor is uniquely up to the challenge. OPM argued in the memo that a "full and open competition" would delay the project by six to nine months. The document did not include a value for the project but OPM said Workday's pricing for the HR-related tasks such as payroll, hiring, time and attendance tracking, had been "determined fair and reasonable," describing it as 70% more affordable than the existing system. Workday CEO Carl Eschenbach has made no secret of the possibilities he sees in DOGE. "We see it as a massive opportunity for Workday ... Spending time in DC, everyone is pulling for Workday. They want to move to our platform," Eschenbach said in a CNBC interview earlier this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
