Nasdaq Hits Record High, Up 1.2%, as 29,000 Jobs Boost Fed Pause Bets
Updated
Updated · CNBC · Oct 1
Nasdaq Hits Record High, Up 1.2%, as 29,000 Jobs Boost Fed Pause Bets
3 articles · Updated · CNBC · Oct 1
Summary
The Nasdaq rose 1.2% and briefly set an all-time high Friday, led by Nvidia’s first record close since May as tech buying accelerated.
September payrolls increased by just 29,000 and unemployment rose to 4.2%, well below forecasts for 84,000 jobs and a steady 4.1% rate, reinforcing expectations the Fed will hold rates steady in October.
Fed funds futures priced a 78% chance of no October move, up from about 76% a day earlier; Treasury yields initially fell after the report, then rebounded and pulled stocks off session highs.
The S&P 500 gained 0.7% and the Dow added 178 points, while CrowdStrike, Palo Alto Networks and AMD also hit records; lower oil prices added support after a report that European states may release strategic fuel reserves.
Even with Friday’s rally, the Dow and S&P 500 were still headed for weekly losses amid a global bond rout, while the Nasdaq was on pace to finish the week higher.
If structural deficits keep long-term yields elevated, is Wall Street's celebration over a single weak jobs report masking a deeper financial threat?
With AI-driven cyberattacks surging, could skyrocketing enterprise security budgets single-handedly sustain the tech market's record rally despite broader economic cooling?
As massive job revisions hint at a hidden economic slowdown, will the Fed's anticipated rate pause be enough to prevent a recession?