Mixed Week for Wall Street as Jobs Data Weighs on Rate-Hikes and Yields Soar
Wall Street closed out the week on a mixed note, with cooler-than-expected September jobs data weighing down rate-hike odds. The 30-year Treasury yield hit its highest level in decades, while the blue-chip Dow fell 1.26% for the week.
MongoDB's CEO Chirantan Desai stepped down to take a new role at Meta, while Nvidia authorized an additional $150 billion for its share-repurchase program. Micron Technology topped earnings estimates with adjusted profits of $33.42 per share and revenue soaring 379.1% year-over-year.
Summit Therapeutics shares surged after AstraZeneca announced a $2 billion equity investment in the biotech firm. Nike's sales continued to decline, driven by weak Chinese and e-commerce businesses.
SpaceX posted significant gains on Friday, pushing higher by 7% as it achieved fresh operational milestones. Seagate and Western Digital shares fell after Nikkei Asia reported Toshiba could double its hard disk drive supply in the Philippines.