Weak Jobs Report Cools Rate Hike Bets

The US economy added only 29,000 jobs in September, well below the 84,000 expected by economists. The unemployment rate rose to 4.2%, which was also lower than forecast.

This weaker-than-expected jobs report eased fears of an interest rate hike at the October Federal Reserve meeting.

The S&P 500 index ended the week 0.7% higher, while the Nasdaq 100 rose 1%. The Dow Jones Industrial Average added 0.5%.

Nvidia (NVDA), Micron Tech (MU), and Advanced Micro Devices (AMD) all saw significant gains in the semiconductor sector.