The Nasdaq 100 advanced 2% to 27,160 on Friday but remained 13% below the index's October 6 record close. The index was approaching its strongest session since September 21 after Thursday produced its worst performance since 2020. October payrolls increased by 165,000 against economists' forecast of 65,000, reducing concerns that economic growth was weakening. The unemployment rate declined to 4.1% from 4.2%. Average hourly earnings increased 0.4% from the previous month and 3.1% from a year earlier, exceeding both forecasts. Revisions increased the combined August and September payroll totals by 84,000.
The VanEck Semiconductor ETF gained 3.8% after semiconductor stocks suffered their worst session since 2020 on Thursday. Advanced Micro Devices shares advanced 9.8%. Micron Technology recovered 6.3% after losing 17.5% on Thursday. The S&P 500 gained 67 points, or 0.9%, to 7,421, recovering about one-fifth of Thursday's 4.4% decline. The Dow Jones Industrial Average increased 57 points, or 0.1%, to 51,580. Nvidia led the Dow with a 3.9% rise after Thursday's 9.3% decline, as investors returned to buy discounted shares. Nvidia regained about $170 billion in market value, less than half the roughly $447 billion erased the previous day.
Tesla rose 4.8% after CEO Elon Musk said Tesla will phase out Cybertruck production to accommodate the self-driving Cybercab. The Russell 2000 increased 0.9% to 2,754. The CBOE Volatility Index declined 16% to 23.67 after surging nearly 70% on Thursday.
Short-dated Treasuries sold off following the employment figures, with the 2-year yield increasing 4 basis points to 4.51%. The 10-year Treasury yield increased 1 basis point to 4.85%. The 30-year Treasury yield declined 1 basis point to 5.25%. Gold dropped 1% to $4,072 an ounce. Silver declined 0.7% to $52.00. West Texas Intermediate crude fell 0.4% to $90.18 a barrel. Brent crude declined 0.9% to $97.44. Bitcoin traded at $75,912 with little change.
The University of Michigan's preliminary November consumer sentiment index increased to 51 from October's 48, exceeding expectations. One-year inflation expectations declined to 4.3% from 4.7%, reaching the lowest level since August. The Technology Select Sector SPDR Fund gained 2%, leading the 11 S&P 500 sectors as investors repurchased semiconductor and AI stocks battered on Thursday. The Consumer Staples Select Sector SPDR Fund fell 0.9%, the weakest sector performance, as investors moved away from defensive stocks that had resisted Thursday's selloff.
Karman Holdings shares surged 29.1% after the defense supplier reported record third-quarter revenue of $201.6 million, a 65.6% increase from a year earlier. Karman raised its 2026 revenue forecast to between $755 million and $760 million. Karman's backlog reached a record $1.7 billion. Quantinuum gained 22.2% after raising its 2026 revenue forecast to between $31 million and $34 million from between $28 million and $32 million. Quantinuum's third-quarter revenue increased 233% to $9.1 million, exceeding estimates. Oklo advanced 21.7% after reporting third-quarter revenue of $1.86 million against a $1.02 million estimate. Oklo said structural construction had begun on the 75-megawatt Aurora powerhouse in Idaho. IREN rose 19.5% after fiscal first-quarter revenue of $228 million exceeded estimates, with AI cloud revenue increasing 182% from the preceding quarter to $200 million. Ubiquiti gained 16.9% after reporting record fiscal first-quarter revenue of $1.03 billion, up 39.9% from a year earlier.
DraftKings declined 26.8% after reporting a third-quarter adjusted loss of 53 cents per share against an expected 39-cent loss and revenue of $1.33 billion below estimates. DraftKings reduced its 2026 revenue forecast to between $6.35 billion and $6.55 billion. Axon Enterprise fell 18.1% after missing third-quarter adjusted earnings estimates and reducing full-year revenue guidance, citing delays in three federal deployments of Dedrone drone-detection technology. Microchip Technology declined 13.7% after projecting December-quarter revenue at a $1.61 billion midpoint against $1.63 billion consensus, as supply constraints delayed high-margin shipments.
Nasdaq 100 Rebounds 2% as Payrolls Exceed Forecasts
BenzingaShare
Summary
The Nasdaq 100 rebounded 2% to 27,160 on Friday, bouncing from its worst drop since 2020. October payrolls rose 165,000, beating forecasts of 65,000, with the unemployment rate falling to 4.1%. The VanEck Semiconductor ETF climbed 3.8% as the sector recovered. Advanced Micro Devices and Micron Technology rose sharply. The S&P 500 added 0.9% to 7,421. With market sentiment improving, altcoins to watch may see renewed interest. The fear and greed index edged higher, reflecting a shift from panic to cautious optimism.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.