Weak Jobs Report Lifts Nvidia, Nasdaq 100 to Record Highs: Stock Market Today
U.S. stocks climbed at midday Friday, with the Nasdaq 100 leading and reaching new record highs, after a much weaker-than-expected September jobs report pared bets on further Federal Reserve rate hikes. Chip stocks led the move as Nvidia Corp. (NASDAQ: NVDA ) hit a record high at $237.88 per share. Nonfarm payrolls rose by just 29,000 versus roughly 84,000-90,000 expected, and the unemployment rate ticked up to 4.2% from 4.1%. The report added another leg to the tension between a soft labor market and a still-restrictive Fed. Investors now see little chance of a hike at the October meeting, with odds of a hike falling to 17%. Treasury yields tumbled on the data, easing the pressure that has weighed on equities this week. The S&P 500 advanced 0.6% to 7,714, The Dow Jones Industrial Average rose 0.3%, or about 137 points, to 51,066. The Nasdaq 100 gained 1.1% to 30,825. On the geopolitical front, President Donald Trump has deployed 9,000 additional troops to the Middle East and warned of possible strikes against Iran. Even so, oil moved lower as G7 countries agreed to release 100 million barrels from fuel stockpiles. West Texas Intermediate crude fell 3.7% to about $89.39 a barrel, w
S. stocks climbed at midday Friday, with the Nasdaq 100 leading and reaching new record highs, after a much weaker-than-expected September jobs report pared bets on further Federal Reserve rate hikes. Chip stocks led the move as Nvidia Corp. 88 per share.
1%. The report added another leg to the tension between a soft labor market and a still-restrictive Fed. Investors now see little chance of a hike at the October meeting, with odds of a hike falling to 17%. Treasury yields tumbled on the data, easing the pressure that has weighed on equities this week.
3%, or about 137 points, to 51,066. 1% to 30,825. On the geopolitical front, President Donald Trump has deployed 9,000 additional troops to the Middle East and warned of possible strikes against Iran. Even so, oil moved lower as G7 countries agreed to release 100 million barrels from fuel stockpiles.
5%. 1%. 7%. 3%.
1%. 9%. Chips Surge, Hard Drive Makers And Nike Slump Technology led the S&P 500 sectors. 0%.
1% as crude retreated. 3%. Western Digital Corp. 5% after Toshiba announced plans to double its hard disk drive production capacity.
Seagate Technology Inc. (NASDAQ: STX ) also fell sharply. Nike Inc. 7%, extending recent losses, after reporting weak fiscal first-quarter revenue and a grim full-year outlook that signals deeper sales declines, alongside planned layoffs.
1%, giving back part of Thursday’s post-earnings surge. 03 billion, and shares jumped roughly 16% on the day of the report. Modine Manufacturing Co. 8% after completing a $946 million spin-off with Gentherm.
Freedom Holding Corp. 6% with no confirmed company-specific catalyst in the tape. Fair Isaac Corp. 1% after the Federal Housing Finance Agency moved to introduce competition in credit scoring.
Gainers Allegro MicroSystems Inc. V. 5%. MACOM Technology Solutions Holdings Inc.
9% spike with Teradyne Inc. 6%. The semiconductor names moved with the broader chip rally as Nvidia hit a record, and Planet Labs traded alongside Space Exploration Technologies Corp. 0% after completing three rocket launches within 13 hours.
Elsewhere, Synaptics Inc. 8% after ON Semiconductor Corp. 3%. Friday’s Russell 1000 Top Gainers Name % change Allegro MicroSystems, Inc.
V. 50% MACOM Technology Solutions Holdings, Inc. 90% Teradyne, Inc. 47% NIKE, Inc.
81% Freedom Holding Corp. 58% Image: Shutterstock