Market Commentary: Friday 2nd May

It’s the first Friday of the month, so we expect the usual sluggish morning as markets await Non-Farm Payrolls (NFPs). It stands as one of the final hurdles in a week where risk sentiment has consistently improved—the S&P 500 is now on an eight-day winning streak, while gold looks set to post back-to-back weekly losses.

XAU is trading around $3,250, roughly $250 off its highs around Liberation Day. Bitcoin is at $96,700 and looks poised to test the $100,000 mark once again. WTI crude remains below $60 a barrel, which bodes well for central banks grappling with persistent inflation.

It’s been a week full of positives, and today is no different, as China has announced it is evaluating trade talks with the US, further boosting optimism. The main headwinds this week came from Apple and Amazon—Apple slipped 3.8% as sales from China declined more than anticipated (despite otherwise solid results), and Amazon fell 3.2% in post-market trading after giving an operating income forecast that missed expectations.

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