Nasdaq pares losses as chips recover, rate-hike fears linger
SPY•SPY•SPY•SPY•The Nasdaq rose 1.82% and the S&P 500 gained 1.02% as chip stocks rebounded, while the Dow fell 0.22%. October payrolls rose by 165,000 versus a 65,000 estimate, and traders priced in a 78% chance of a December Fed rate hike.
The Nasdaq rose on Friday as chip stocks recovered from heavy losses in the previous session, when concerns about potential AI regulation had pressured the sector. Nvidia gained 6.5%, while AMD, Intel and Micron Technology rose between 7% and 13%; the broader semiconductor index climbed more than 6% after falling more than 12% on Thursday.
U.S. nonfarm payrolls increased by 165,000 in October, above the 65,000 estimate, and unemployment fell to 4.1%. Traders raised the implied chance of a December rate hike to 78%, from 70% earlier. At 9:57 a.m. ET, the Nasdaq was up 1.82%, the S&P 500 gained 1.02% and the Dow fell 0.22%.
