Stocks
Dow Surges on Weaker Jobs Report, Amazon Talks Nvidia Chip Spinoff
The Dow Jones Industrial Average surged on Friday, October 2, after the US jobs report came in weaker than expected. The report showed that nonfarm payrolls added only 29,000 jobs in September, far short of the forecasted 90,000. This development sent Treasury yields falling and crude oil prices slumping.
The Dow traded up 0.63% to 51,246.54, while the NASDAQ Composite index jumped 1.74% to a new all-time intraday high. The S&P 500 also rose 0.8%. Amazon was in talks to spin off $8 billion worth of Nvidia AI chips deployed in existing data centers into a special-purpose vehicle (SPV) backed by outside investors.