GoKawiilNvidia hits record high as weak jobs data lifts rate-cut odds
U.S. stocks closed higher Friday after September nonfarm payrolls showed just 29,000 jobs added, far below the 84,000 expected, pushing unemployment to 4.2%. The soft data raised odds the Federal Reserve will hold rates steady in October to 78%, up from 36% a week earlier. Nvidia, CrowdStrike, Palo Alto Networks and AMD all touched all-time highs, lifting the Nasdaq for the week even as the Dow and S&P 500 finished lower.
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The reaction shows markets continuing to treat weak labor data as a signal of looser monetary policy ahead rather than a recession warning, a dynamic that has repeatedly shaped trading this year. AI-linked chip and cybersecurity stocks appear to be acting as the primary engine pulling major indexes higher, suggesting investor enthusiasm for AI infrastructure spending remains intact despite broader market pressure from oil prices and bond yields.
- September payrolls rose just 29,000, well below the 84,000 forecast, with unemployment at 4.2%.
- Odds of a Fed rate hold in October jumped to 78% from 36% a week earlier.
- Nvidia, CrowdStrike, Palo Alto Networks and AMD all hit all-time highs, lifting the Nasdaq despite Dow and S&P 500 weekly losses.
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Published there as: “How Nvidia, Micron and a surprising jobs report drove last week's stock action”
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