US added 115k jobs in April, beating estimates. Labor force shrank by 97k. Unemployment rate steady at 4.3%. Fed will focus on inflation, not jobs. Healthcare and transportation led gains; manufacturing and federal government declined. AI may be impacting tech and finance jobs.
implicit
implicit
RUT
implicit
Metals
USD
Bloomberg
7.0
Financial Media
Michael McKee 4.0
Financial Media
Michael McKee 4.0
5/8/2026 7:51:14 PM
ndx
Jobs beat is positive for growth, but AI-related job cuts in tech could temper enthusiasm.
wti
Hassett notes that core inflation remains stable despite oil price increases, suggesting he does not see oil as a persistent upward driver.
yields
Fed will look past jobs data and focus on inflation, which is getting worse, suggesting rates stay on hold.
White House sees a 'rip-roaring' jobs market. AI is creating jobs, not destroying them yet. Strong jobs don't kill rate cut hopes due to supply-side disinflation. Expects rate cuts this year under new Fed Chair Kevin Warsh. Has backup plan for tariffs after court ruling. No chance of debt default or restructuring.
implicit
implicit
RUT
implicit
Metals
explicit
National Economic Council
6.0
Government Agency
Kevin Hassett 8.5
Government Agency
Kevin Hassett 8.5
5/8/2026 7:51:14 PM
dxy
We believe in the strong dollar
ndx
Hassett is very bullish on the economy ('rip-roaring'), sees AI creating jobs, and expects rate cuts, all supportive for tech-heavy NDX.
wti
Hassett notes oil prices are up but says core inflation remains stable, implying he does not see oil as a persistent problem that would derail the economy or policy.
yields
Hassett argues strong supply-side growth puts downward pressure on inflation, and expects rate cuts this year under Warsh, which would push yields lower.
Economy growing vigorously, nominal GDP could hit 6%. Jobs market is bifurcated: healthcare strong, manufacturing/real estate weak. AI capex is booming but not creating proportional jobs. Likes equities married to income (securitization, high yield). Finds European fixed income attractive. Long-end Treasuries less appealing vs equities with 20%+ ROE.
explicit
explicit
RUT
implicit
Metals
implicit
BlackRock
9.5
Asset Manager $10500.00B
Rick Rieder 9.5
Asset Manager $10500.00B
Rick Rieder 9.5
5/8/2026 7:51:14 PM
dxy
Rieder finds European fixed income attractive for dollar investors, implying he does not see a strong dollar trend that would deter such cross-border flows.
ndx
Equities have upside to it and you're watching the convexity of equities. Technicals in equities are great, so I still like equities versus interest rates.
wti
Rieder notes a cumulative effect from gas prices on lower-to-middle income consumers, implying oil at current levels is a meaningful headwind but not catastrophic.
yields
I think you have a Fed that is on hold. I don't think I'm going to make any real money in interest rate exposure today.
CoreWeave's selloff may be temporary like last earnings. Revenue backlog is strong. Profitability rebound in H2 may be ambitious given capacity spending. AI promise doesn't depend on AGI; large credible companies need capacity. OpenAI's issues may be isolated; Anthropic is doing well. Suggests AI companies should not go public soon.
explicit
implicit
RUT
Oil
Metals
implicit
Bloomberg
7.0
Financial Media
Anurag Rana 6.0
Financial Media
Anurag Rana 6.0
5/8/2026 7:51:14 PM
dxy
Fed on hold and European fixed income attractive suggests no strong dollar trend either way near term.
ndx
AI adoption is good and CoreWeave's backlog is strong, but profitability concerns and potential overcapacity could temper gains.
yields
The Fed should be on pause and not one that should really be actively thinking about raising rates later on.
Ron Baron let Tesla winners run to 50% of his fund; Kathy Wood trimmed winners and bought losers. Study shows only 4% of stocks create all wealth. Equal-weighting underperforms market-cap by 1000% since 1990. Market-cap weighting allows riding winners. Active managers can win during corrections but passive is easier for most. Big IPOs (SpaceX, OpenAI) will exacerbate concentration.
implicit
implicit
RUT
explicit
Metals
USD
Bloomberg
7.0
Financial Media
Eric Balchunas 6.0
Financial Media
Eric Balchunas 6.0
5/8/2026 7:51:14 PM
ndx
Market concentration in winners (Mag 7/8) drives long-term index returns. Letting winners run is key.
rut
Balchunas compares equal-weighting to small caps, noting they have a nice run every fourth year but then big caps take over, implying the Russell 2000 will struggle to outperform long-term.
wti
$100 a barrel should it persist is a meaningful drag. It has wiped out any stimulus from the tax cut.
yields
Coronado argues the next Fed move could be a hike due to complex inflation dynamics, which would push yields higher.