G7 Reserve Release and Weak Jobs Report Spark Stocks Rally

A weak jobs report in the US and the G7's announcement to release 100 million barrels of strategic petroleum reserves sent stocks rallying across the board on Friday.

The nonfarm payrolls rose by just 29,000 in September, far below expectations, which rapidly cooled market bets on Federal Reserve rate hikes. The unemployment rate ticked up to 4.2%, and average hourly earnings growth slowed to 3.0% year-over-year.

The Philadelphia Semiconductor Index gained 2.4%, with Nvidia's market cap briefly topping $6 trillion intraday after the company hit a new record high of $237.88, surpassing its May 14 intraday record. Tesla and SpaceX also rose more than 4% and 7% respectively on their own positive catalysts.