Stocks rose on Friday as Wall Street digested a better-than-expected nonfarm payrolls report for April, which eased recession fears and put the on pace for its longest winning streak in just over two decades.

The S&P 500 advanced 1.2%, a move that placed the broad market index on track for its ninth consecutive day of gains. If the index closes higher, that would mark its longest winning streak since November 2004. The Dow Jones Industrial Average jumped 440 points, or 1.1%, and the Nasdaq Composite gained 1.2%. With Friday's gains, the S&P 500 has now recovered its losses since April 2, when President Donald Trump . This comes a day after the tech-heavy Nasdaq .

Payrolls in April, above the 133,000 that economists polled by Dow Jones had anticipated. That figure is still down sharply from the but much better than feared after recession worries grew last month. The unemployment rate stood at 4.2%, in line with expectations.

"Markets breathed a sigh of relief this morning as the jobs data came in better than expected," said Chris Zaccarelli, chief investment officer at Northlight Asset Management. "While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue – at least until the tariff pause runs out."

Investors were already upbeat prior to the strong jobs report after China said that it is with the U.S. Still, Chinese authorities reaffirmed their belief that the U.S. should remove all unilateral tariffs, saying in a statement that "if the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs."

The Street was also mulling over earnings reports from two "Magnificent Seven" members. slid 3% after posting from its services division that fell short against analyst estimates. Additionally, the iPhone maker said it expects to add $900 million in costs in the current quarter due to tariffs. Meanwhile, although first-quarter results came in better than expected, shares were almost 1% lower after the company , highlighting "tariffs and trade policies" as factors.

"We've already seen how financial markets will react if the administration moves forward with their initial tariff plan, so unless they take a different tack in July when the 90-day pause expires, we will see market action similar to the first week of April," Zaccarelli also said.

Stocks have made an incredible comeback since Trump announced last month that's he's for most countries to 10% for 90 days. The market has especially picked up steam lately, leading to the winning streak, as solid earnings have come out. Thus far, all three major averages are on pace for their second winning week in a row. The S&P 500 is on pace to rise 2.3% this week, while the Dow is on track for a 2.5% advance. The Nasdaq is up 2.7% week to date.

Berkshire Hathaway hits record high ahead of annual meeting

shares hit a record high Friday just as Warren Buffett is about to kick off 's annual .

Tens of thousands of rapt shareholders will descend on Omaha, Nebraska this weekend for the annual gathering dubbed "Woodstock for Capitalists." This year's meeting marks and the 94-year-old investment legend is expected to opine on a wide range of market-moving topics, and his stock portfolio.

Class A shares climbed 1.5% Friday to a new all-time intraday high of 808, 993.53. Record closing level to watch is $806, 684 from April 2. The stock has rallied more than 18% this year, significantly outperforming the S&P 500.

— Yun Li

Traders now see next rate cut not coming until July

The better-than-expected jobs report for April has pushed out market expectations for the next Federal Reserve rate cut.

Following the , traders in the fed funds futures market took a June cut off the table and now see the central bank's next move coming in July, according to the CME Group's h gauge.

For the year, pricing now is split between a total three or four cuts, assuming quarter percentage point increments.

"A more severe response to the tariff and DOGE shocks may well emerge over the next few months, but the absence of an early start to labor market deterioration makes it less likely that the Fed will have seen enough to cut rates in June," wrote Krishna Guha, head of global policy and central bank strategy at Evercore ISI.

—Jeff Cox

Stocks open higher

Stocks traded higher on Friday morning.

Just after the opening bell, the S&P 500 advanced 0.7%, while the Dow Jones Industrial Average jumped 421 points, or 1%. The Nasdaq Composite gained 0.9%.

— Sean Conlon

Chevron shares fall after oil major posts lower profits

 shares dropped more than 2% in premarket trading on Friday as the , hurt by the steep drop in oil prices this year.

The company's net income for the first quarter fell more than 30% to $3.5 billion, or $2 per share, from $5.5 billion, or $2.97 per share, in the same period a year ago. Excluding one-time items, it earned $2.18 per share, in line with Wall Street estimates.

This comes as U.S. crude oil prices have shed about 18% this year as President Donald Trump's tariffs are expected to weigh on demand while OPEC+ plans to pump more supply.

— Spencer Kimball

U.S. payroll growth in April beats expectations at 177,000

Job growth was despite worries over the impact of President Donald Trump's blanket tariffs against U.S. trading partners.

Nonfarm payrolls increased a seasonally adjusted 177,000 for the month, slightly below the downwardly revised 185,000 in March but above the Dow Jones estimate for 133,000, the Bureau of Labor Statistics reported Friday.

The unemployment rate, however, held at 4.2%, as expected, indicating that the labor market is holding relatively stable.

— Jeff Cox

See the stocks moving before the bell

These are some of the stocks moving in Friday's premarket:

• — The financial technology stock plunged more than 20% following weak first-quarter revenue. Block said it brought in $5.77 billion, while analysts surveyed by LSEG had projected $6.20 billion.
• – Shares sank nearly 17% after the software company issued soft guidance. Atlassian expects fourth-quarter revenue to range between $1.35 billion and $1.36 billion, while analysts polled by LSEG anticipated $1.36 billion.
• — Shares declined 2% after the oil major it would repurchase $2.5 billion to $3 billion in stock in the second quarter, less than the $3.9 billion it bought back in the prior quarter. Net income declined more than 30% from the comparable three-month period a year earlier.

— Alex Harring

Take-Two stock slides after Grand Theft Auto delay

Shares of dropped sharply in premarket trading after the video game company announced that the release of the new Grand Theft Auto game was being delayed until 2026.

The game had previously been scheduled for release in the fall of 2025 but is now set for May 26, 2026. That puts the release in Take-Two's 2027 fiscal year.

"While we take the movement of our titles seriously and appreciate the vast and deep global anticipation for Grand Theft Auto VI, we remain steadfast in our commitment to excellence. As we continue to release our phenomenal pipeline, we expect to deliver a multi-year period of growth in our business and enhanced value for our shareholders," Strauss Zelnick, chairman and CEO for Take-Two Interactive Software, said in a press release.

Shares of Take-Two were last down 10%.

— Jesse Pound

Here's what to expect for the April jobs report

Economists expect nonfarm payrolls to post an increase of 133,000, which would be a steep slide from the 228,000 in March, according to the Dow Jones consensus. However, it would be only slightly below the 152,000 average for the first three months of the year and likely would be enough to hold the unemployment rate around 4.2%.

But a downside surprise could be perilous considering the recent spate of  and the prevailing angst over the way President Donald Trump is implementing tariffs against U.S. trading partners.

"If it's around 150,000 give or take, I think all will be forgiven," said Mark Zandi, chief economist at Moody's Analytics. "So I think we'll end the week feeling OK, not great, but OK. Things aren't falling apart."

Read more .

— Jeff Cox

Wedbush downgrades Airbnb on high valuation and slowing travel demand

Wedbush is moving to the sidelines on for now.

The investment firm downgraded shares of the short-term vacation rental company to a neutral rating from outperform following its on Thursday afternoon.

Airbnb's earnings of 24 cents per share were in line with analysts' expectations, per LSEG. Its $2.27 billion revenue was slightly above the forecast of $2.26 billion.

However, the company issued a disappointing current-quarter revenue forecast. Airbnb expects revenue to come in between $2.99 billion and $3.05 billion, or $3.02 billion at the middle of the range. This was below the $3.04 billion analysts had previously forecast.

Shares of Airbnb were trading 5% lower before Friday's opening bell. The stock has slipped 6% so far in 2025. Wedbush analyst Scott Devitt's revised 12-month price target of $135, down from $150, is approximately 9% above where the stock closed on Thursday afternoon.

As a catalyst for the downgrade, Devitt pointed to recent travel trends and industry commentary suggesting a slowdown in travel demand. Airbnb's second-quarter guidance confirmed this market weakness, he said.

Devitt added that at its current level, "Airbnb trades at a premium multiple that may be difficult to retain during a more difficult operating environment."

"We continue to have immense respect for the Airbnb management team and the long-term opportunity but believe now is a reasonable time for investors to have less exposure to the sector," he wrote.

— Lisa Kailai Han

Apple shares fall after earnings, tariff costs outlook

shares fell more than 3% in the premarket on Friday on the heels of the iPhone maker's Services division in the fiscal second quarter, though overall earnings and revenue topped estimates.

The company also expects tariffs to add $900 million to costs for the current quarter. That said, CEO Tim Cook said that it's "very difficult" to anticipate costs from the levies past June "because I'm not sure what will happen with tariffs."

Shares have fallen nearly 5% in the past month and almost 15% this year, lagging the broader market in both periods.

— Kif Leswing, Sean Conlon

Asia-Pacific markets rise as China evaluates possibility of trade talks with the U.S.

rose after .

Hong Kong markets led gains in the region. The  rose 1.74% to end the day at 22,504.68 while the Hang Seng Tech index gained 3.08% to close at 5,244.06.

India's benchmark  edged up 0.21% in choppy trade while the broader BSE Sensex increased by 0.33% as at 1.35 p.m. Indian Standard Time.

Japan's benchmark  ended the day 1.04% higher at 36,830.69 while the broader Topix index advanced 0.31% to 2,687.78.

Over in South Korea, the  index moved up 0.12% to close at 2,559.79 while the small-cap Kosdaq increased by 0.64% to 721.86.

Australia's  climbed 1.13% to end the day 8,238, its highest level since February 27{=null}. The strong moves come just before the country heads to the polls on Saturday.

China markets are closed for the Labor Day public holiday.

— Amala Balakrishner

Individual investor bullishness below average for 16th week in 18, AAII says

Bullishness about the outlook for stocks over the next six months stayed below its historical average for the 16th week out of the past 18, according to the latest weekly survey by the American Association of Individual Investors.

Only 20.9% of retail investors described themselves as bulls in the survey, down from 21.9% last week, 25.4% two weeks ago and 28.5% as recently as April 9. Historically, 37.5% of investors regard themselves as bullish over time.

Pessimism among individual investors about the short-term outlook for stocks increased in the latest sentiment survey, rising to 59.3% from 55.6% last week and an historical average of 31.0%.

The balance of Main Street investors say they're neutral toward stocks.

— Scott Schnipper

Best-case scenario for trade war still isn't good, GlobalData TS Lombard says

Even the best case scenario for markets and the U.S. economy isn't so hot, according to Grace Fan, a global policy researcher at GlobalData TS Lombard.

The Trump administration "is clearly targeting 'quick win' deals with major trading partners by the end of the 90-day pause on July 9," Fan wrote Thursday. "In the best case, such interim trade deals would accompany a budget and tariff settlement in Congress that would also head off legal challenges, especially to the 'baseline' universal 10% tariff," she said.

A best case at mid-year would also result in "the China stand-off parked in a holding zone." But, unfortunately, "even if all of that were achieved (a long shot), business uncertainty would be reduced but far from eliminated."

The researcher argues that, "Recession risk is the key determinant of Trump seeking off-ramps: how high is his pain threshold? Probably lower than its main trade-war opponents." At the same time, damaged confidence in the U.S. dollar and Treasurys means "there is limited fiscal policy headroom ... while tariff-related inflation pressure inhibits Fed interest rate cuts."

— Scott Schnipper

Stocks making the biggest moves after hours

Check out the companies making headlines in extended trading:

 — The iPhone maker shed 2% after its  performed below expectations in the fiscal second quarter. Services revenue came in at $26.65 billion, lower than the $26.70 billion analysts surveyed by StreetAccount anticipated. Overall earnings and revenue during the period beat Wall Street's expectations.

 — Shares slipped more than 4%. Airbnb expects  in a range between $2.99 billion and $3.05 billion, or $3.02 billion at the middle of the range. Analysts had forecast $3.04 billion in revenue. Management noted softening trends in the U.S. segment on a sequential on a year-over-year basis due to macro uncertainty.

 — The e-commerce giant fell about 4% after its second-quarter operating income guidance range  analysts' estimates. Amazon is forecasting operating income to land between $13 billion and $17.5 billion, which missed the $17.64 billion consensus call, according to StreetAccount. Meanwhile, Amazon managed to beat on both the top and bottom lines in the first quarter.

The full list can be found

— Hakyung Kim

Stock futures open lower Thursday

U.S. stock futures opened lower on Thursday night.

Futures tied to the S&P 500 slid 0.3%. Nasdaq 100 futures declined 0.5%. 

Dow Jones Industrial Average futures inched down 55 points, or 0.1%.

— Hakyung Kim