Dow Slips as Tech Stocks Outperform Amid Weak Job Data
The US stock market opened on October 5, 2026, with a mixed performance driven by conflicting factors. Weakened job figures reduced expectations for a quick interest rate hike from the Federal Reserve, while high bond yields continued to weigh on stocks. The Dow Jones Industrial Average (DJIA) fell by 47.03 points, or 0.09%, to 51,129.93. In contrast, the S&P 500 rose by 0.38% to 7,752.10, and the NASDAQ advanced by 0.67% to 27,372.76, indicating stronger performance in tech stocks.
Key market indicators showed crude oil at $89.61, down 1.65%, while Brent crude held above $100 at $101.37. Gold prices remained relatively stable at $4,139.28, and the US Dollar Index increased by 0.42% to 102.36. The 10-Year Treasury yield hit 5.310%, marking multi-year highs. Global markets also showed varied movements, with the Nikkei 225 rising 2.40% and the CAC 40 dropping 1.37%.
Tech stocks, particularly Nvidia, outperformed, with Nvidia gaining 1.50% to $237.45. Microsoft, Apple, Amazon, and Visa also saw gains, while Intel, Caterpillar, Nike, Merck, and Chevron were among the top losers. The market's bifurcated trend highlighted a sector rotation rather than a broad collapse. Investors are awaiting the release of the FOMC meeting minutes in September for further clarity on interest rate policies.
The labor market report for September revealed a significant slowdown in job growth, with only 29,000 new jobs added compared to the expected 90,000. This reduced the likelihood of a Fed rate hike in October to 80%, shifting focus to December. High oil prices, elevated bond yields, and geopolitical risks remain central concerns for investors.