Weak Jobs Report Lifts Nvidia, Nasdaq 100 to Record Highs: Stock Market Today
Key takeaways
- A weaker jobs report lifted tech stocks and the Nasdaq 100 to record highs, while easing expectations of Fed hikes and lowering Treasury yields.
- Nvidia record close $237.88
- Nonfarm payrolls +29,000
- Unemployment 4.2%
What happened
U.S. stocks rose sharply on Friday as the Nasdaq 100 hit a new record high, led by Nvidia’s $237.88 record close. The rally followed a weak September jobs report that showed only 29,000 nonfarm payrolls added, far below the 84,000‑90,000 expected, and a 4.2% unemployment rate. Treasury yields fell, easing pressure on equities, while oil and gold slipped on geopolitical and supply news.
Why it matters
The softer labor data reduces expectations of another Federal Reserve rate hike, cutting the odds of a hike at the October meeting to 17%. Lower yields support higher equity valuations, especially in growth and technology sectors. The market’s reaction signals a shift toward a more dovish stance on monetary policy,…
Short-term and longer-term
Short-term. In the next 24–48 hours, the Nasdaq 100 may test the 30,825 level again as traders digest the softer labor data and the Fed’s likely dovish stance.
Longer-term. Over the coming months, the softer labor market and lower Fed hike expectations could support a longer‑term rally in technology and growth stocks.