US stocks advanced on Friday as the Nasdaq Composite hit a record high following weaker jobs data. Todd Schoenberger said, "The lower jobs print, including the revision, is, oddly enough, good news for stocks." While tech shares rose, Nike shares fell 5.6% after the company forecast a sharp annual revenue decline.
US stocks advanced on Friday, with the Nasdaq Composite hitting a record high, as softer-than-expected jobs data lowered expectations for an imminent Fed rate hike. Falling Treasury yields and oil prices further boosted investor risk appetite.
The Dow Jones Industrial Average rose 306.78 points, or 0.60%, to 51,233.34, the S&P 500 gained 78.31 points, or 1.02%, to 7,744.76 and the Nasdaq Composite gained 447.84 points, or 1.66%, to 27,319.43.
S&P 500 Top Gainers
Synopsys493.41(18.87%)
Accenture205.95(16.16%)
Hewlett Packard68.78(11.83%)
ON Semiconductor84.27(10.95%)
S&P 500 Top Losers
Corteva12.44(-84.03%)
Western Digital398.83(-12.05%)
Seagate Technology Hldgs805.44(-11.82%)
AppLovin272.57(-10.83%)
Nike shares fell 5.6% after forecasting a sharp annual revenue decline, announcing job cuts and restructuring its global business operations.
Semiconductor stocks and megacap technology companies led Wall Street’s gains. Nvidia rose 2.5% to an intraday record, while the Philadelphia Semiconductor Index gained 3.1%. SpaceX climbed 5.5%, Tesla advanced 4.1% and Oracle added 3%.
US nonfarm payrolls increased by just 29,000 last month, sharply below economists’ 90,000 estimate, while payroll figures for the previous two months were revised significantly lower, Labor Department data showed.
Live Events
"The lower jobs print, including the revision, is, oddly enough, good news for stocks. With the bond market organically doing the job of the Fed recently, we needed to sacrifice a headline metric and this morning's report accomplished the goal," said Todd Schoenberger, chief investment officer at CrossCheck Management.
A series of economic indicators pointing to resilient activity and slower-than-expected inflation, combined with comments from at least two senior policymakers opposing another rate increase, has strengthened expectations that the Federal Reserve will leave rates unchanged this month.
Markets now see a 20% chance of a 25-basis-point Fed rate hike in October, down from 26% before the latest data.
The two-year US Treasury yield, which is particularly sensitive to expectations for monetary policy, declined for a second consecutive session.
The Cboe Volatility Index (VIX), widely viewed as Wall Street’s fear gauge, dropped to a one-week low and was last down at 15.67 points, signalling reduced near-term market anxiety.
Ten of 11 major S&P 500 sectors traded higher, led by consumer discretionary and technology, while healthcare lagged.
Fair Isaac dropped 1.5% following a report that US housing regulators could ease mortgage credit-data requirements for Fannie Mae and Freddie Mac.
Bitcoin rose 3.4%, while Coinbase and Strategy gained about 3.1% each, reflecting broader risk-on sentiment.
Market breadth remained positive, with advancing stocks outnumbering decliners 3.27-to-1 on the NYSE and 2.5-to-1 on the Nasdaq. The S&P 500 recorded nine new 52-week highs and 14 new lows, while the Nasdaq posted 35 new highs and 100 new lows.
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless
(You can now subscribe to our ETMarkets WhatsApp channel)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price