On Friday, May 3rd, U.S. stock markets surged, with a softer jobs report reinforcing the argument for Federal Reserve rate cuts while highlighting the strength of the U.S. economy. The Nasdaq led the advance after Apple’s record share buyback announcement. In economic data, U.S. employers added 175,000 nonfarm payrolls in April, down from 315,000 in March and below the expected 238,000, according to the Bureau of Labor Statistics. The unemployment rate rose from 3.8% to 3.9%, and average hourly earnings slipped to 3.9%, falling more than the anticipated 4%. Ten of the 11 primary sectors in the…