Nvidia and Micron Drive Market Gains Amid Mixed Jobs Report
Stocks closed higher on Friday following a September jobs report that showed weaker-than-expected job growth of 29,000 with an unemployment rate rising to 4.2%, below forecasts. The data reduced expectations for another interest rate hike by the Federal Reserve in October and supported market optimism. Despite weekly losses across major indices like the Dow (-1.26%) and S&P 500 (-0.3%), the Nasdaq gained 0.45% due to strong performance from AI-related stocks. Nvidia led gains, hitting an all-time high for the first time since May after announcing a $150 billion share buyback program. Micron also delivered impressive results with revenue surging by 379%, and it raised its guidance for fiscal 2027 despite short-term concerns over increased manufacturing spending. The market is now pricing in a higher probability of the Fed holding rates steady at its October meeting, which has helped buoy investor sentiment. Oil prices also retreated slightly on Friday after reports suggested European countries might release strategic fuel reserves.
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Topics: artificial_intelligence interest_rates jobs_report stock_market_reaction