Title: U.S. Stocks Rise as Non-Farm Employment Soars, Tech Giants Surge
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U.S. stocks opened lower on Friday but managed to bounce back and end the day higher. The Dow Jones Industrial Average (Dow) rose by 0.94%, the Nasdaq Composite increased by 1.51%, and the S&P 500 climbed by 1.17% at the time of press.
In a positive sign for the economy, U.S. non-farm employment experienced a significant increase of 336,000 jobs in September, surpassing expectations. Despite this, there is still speculation about the possibility of the Federal Reserve raising interest rates further, as the U.S. federal funds futures indicate a one-third chance of another rate hike in November. However, economists believe that the current state of wage growth and unemployment may deter the central bank from continuing to raise rates.
Major technology stocks also saw gains, with Microsoft, Netflix, and Meta leading the way, all rising by more than 2%. Additionally, chip stocks collectively performed well, with companies like AMD, TSMC, STMicroelectronics, and ASML all recording increases of over 2%. Notably, Nvidia and ARM also saw gains of more than 1%.
Investors in popular Chinese concept stocks also had reason to celebrate as most saw notable increases. The Nasdaq China Golden Dragon Index rose by more than 2.5%. Companies such as Pinduoduo, Kingsoft Cloud, iQiyi, Beike, Alibaba, and Baidu all experienced substantial growth.
In global news, the U.S. nonfarm payroll employment for September exceeded expectations, with 336,000 jobs added. This positive data comes as the S&P 500 faces a potential 20% decline, according to JPMorgan’s chief market strategist Marko Kolanovic. The recent surge in global government bond market yields during the National Day holiday has also sparked concerns over the collapse of oil prices.
Company-specific news includes Tesla reducing the prices of some of its vehicles in the U.S., affecting models like the Model 3 and the Model Y. Taiwan Semiconductor Manufacturing Company (TSMC) reported a year-on-year revenue decrease of 13.4% in September. Meanwhile, Meta Platforms announced the launch of generative AI tools for advertisers, marking the company’s foray into utilizing artificial intelligence in its products. South Korea’s telecommunications regulator is considering imposing fines on Google and Apple for alleged app market practices.
Investors should note that this article is published by Oriental Fortune for informational purposes and should not be considered investment advice. It is important to exercise caution and conduct thorough research before making any financial decisions.
Source: Oriental Fortune Choice data