Nasdaq Hits Record High as 29,000 Jobs Boost Fed Pause Bets
Updated
Updated · CNBC · Oct 1
Nasdaq Hits Record High as 29,000 Jobs Boost Fed Pause Bets
3 articles · Updated · CNBC · Oct 1
Summary
The Nasdaq climbed 1.3% to a record high Friday, while the S&P 500 rose 0.7% and the Dow added 194 points as Wall Street rallied on softer economic data.
September payrolls increased by just 29,000 versus expectations for 84,000, and unemployment rose to 4.2% from 4.1%, strengthening the case for the Fed to hold rates steady this month.
Fed funds futures priced an 86% chance of no October rate move, up from about 76% a day earlier, while Treasury yields fell with the 10-year down more than 5 basis points to 5.176%.
Nvidia, CrowdStrike, Palo Alto Networks and AMD hit all-time highs as risk appetite returned, and lower oil prices also supported equities after a report that European states were considering strategic fuel releases.
Even with Friday's rebound, the Dow and S&P 500 were still headed for weekly losses after a global bond rout, leaving the Nasdaq as the only major index on track for a weekly gain.
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?