US Stocks Surge as Weak Jobs Data Sparks Rate Hike Reassessments
The US stock market saw a significant rise on Friday, October 2, as disappointing employment data led investors to reassess the Federal Reserve's rate hike plans. The Dow Jones Industrial Average surged by 326.90 points or 0.64% to 51,252.47, while the S&P 500 rose 0.94% to close at 7,738.26.
The Nasdaq Composite outperformed its peers, gaining 1.37% to 27,239.80, driven by a boost in tech stocks and semiconductor shares. Nvidia's stock increased by 2.10%, while Intel rose by 3.21%. Nike, however, was among the major losers, with its shares falling by 6.12%.
The weak employment report, which showed a payroll increase of only 29,000 in September, below expectations, led investors to believe that the Fed may reconsider its plans for further monetary tightening. Lower bond yields and positive dynamics in tech stocks also contributed to the market's upward movement.