Stocks Rally as Weak Jobs Data Cools Fed Rate Hike Bets
On October 2, stocks rallied across major indices after weaker-than-expected jobs data reduced the likelihood of an imminent Federal Reserve rate hike. The Nasdaq Composite hit a record high with tech stocks surging on AI enthusiasm and positive news from companies like Tesla and semiconductor firms. The S&P 500 rose by nearly 0.7%, while the Dow Jones Industrial Average gained modestly. The U.S. added only 29,000 jobs in September, below expectations, with unemployment rising to 4.2%. This data eased fears of aggressive rate hikes and boosted investor confidence in riskier assets like equities. Sectors such as industrials and consumer cyclicals led the gains while energy and financial services lagged. Nvidia saw strong performance due to AI demand and a $150 billion share buyback plan, with anticipation growing around Anthropic's upcoming IPO.
Tickers: $IART $NVDA $ON $SYNA $TSLA
Topics: Dow Jones Industrial Average Federal Reserve policy Nasdaq Composite S&P 500 stock market performance