From Financialexpress · Anjana PV · · 1m 20s
Nasdaq nears record high
Weak US jobs data cools Fed rate hike bets.
In brief
Weak US jobs data cools Fed rate hike bets. Nasdaq approaches record high as weak US jobs data reduces expectations of a Federal Reserve rate hike in October. Originally reported by Financialexpress.
US stocks rise
US stocks rose on Friday as weaker-than-expected jobs data reduced expectations of a Federal Reserve interest rate hike later this month.
Nasdaq nears record high
The Nasdaq Composite rose 312.35 points, or 1.16%, to 27,183.95, on course to set a record high.
Jobs growth falls short
Employers added 29,000 jobs last month, with August hiring revised down to 133,000 from 153,000.
Rate hike expectations fall
Traders reduced their probability of a 25 basis point October rate hike from 26% to 20% after the jobs report.
Technology stocks lead gains
Semiconductor stocks and large technology companies gained significantly, with Nvidia touching an intraday record high.
Oil prices drop
Brent crude slipped below $100 a barrel after EU discussions on additional diesel and crude stock releases.
Market sentiment improves
The Cboe Volatility Index fell to 15.67, its lowest level in a week, indicating reduced market fear.
Global markets react
European markets recovered from previous losses, while Asian markets were mixed with Hong Kong’s Hang Seng falling 2.6%.
What to remember
Nasdaq approaches record high as weak US jobs data reduces expectations of a Federal Reserve rate hike in October.
