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Nasdaq closes at record as weak U.S. jobs report cools rate-hike bets
The Nasdaq Composite closed at 27,190.86 on Friday, an intraday record, after a weak September jobs report reduced expectations of another Fed rate increase this month.
Why it matters
The jobs report is the key data point shaping expectations for the Federal Reserve's October meeting. A cooling labour market reduces pressure for further rate increases, a dynamic that tends to support stock valuations — especially for technology shares.
Full report
U.S. stocks closed higher on Friday, October 2, after a weaker-than-expected September jobs report cooled expectations of another Federal Reserve interest-rate increase this month.
The tech-heavy Nasdaq Composite climbed 1.19% to close at 27,190.86, reaching an intraday record high. The S&P 500 gained 0.73% to 7,722.72, while the Dow Jones Industrial Average added 0.49% to 51,176.96. The Russell 2000 index of smaller companies rose 0.9% to 2,832.90.
The U.S. Labor Department reported that nonfarm payrolls increased by just 29,000 in September, far below the roughly 90,000 economists polled by Reuters had expected. August payrolls were revised down to 133,000, and the unemployment rate edged up to 4.2% from 4.1% in August. Average hourly earnings rose 3% from a year earlier, the smallest annual increase since May 2021.
According to Reuters, market expectations for a 25-basis-point Fed rate increase at the October meeting fell to 22.7% from 64.2% a week earlier. Technology stocks led the rally: Nvidia gained 1.3%, while Tesla jumped 4.7%.
Despite Friday's gains, the three major indexes posted mixed results for the week: the S&P 500 fell 0.3%, the Dow dropped 1.3%, and the Nasdaq edged up 0.5%.
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