US100 Hits New Highs on Weak NFP and G7 Oil Reserve Release
The US stock markets have hit new highs following a weak non-farm payroll (NFP) report, which has reduced the likelihood of an interest rate hike by the Federal Reserve in October.
The September NFP data showed that the US economy created just 29,000 new jobs, while the unemployment rate rose to 4.2 per cent. This unexpected turn of events pleased investors, who had been bracing for a tighter monetary policy.
The announcement by the G7 countries to release 100 million barrels of diesel and crude oil reserves over four months has also contributed to the market's optimism. The decision aims to stabilize fuel prices, which have been rising due to attacks on Russian refineries and the ongoing war with Iran.
Tech-heavy Nasdaq set a new all-time high, with futures gaining nearly 0.8 per cent. Tesla rose by 5 per cent after exceeding delivery expectations, while Nvidia's shares reached a record high. However, Nike fell by nearly 6 per cent due to weaker performance in the Chinese market.