Nasdaq rebounds as chip stocks recover from steep losses
SPY•SPY•SPY•SPY•The Nasdaq rose 1.71% and the semiconductor index gained 4.2% as chip stocks recovered from the previous session’s losses. October payrolls increased by 165,000, above the 65,000 estimate, while traders raised the perceived chance of a December Fed rate hike to 78%.
The Nasdaq rose on Friday as chip stocks bounced back from steep losses in the previous session, when concerns about possible tougher AI regulation had pressured the sector. Nvidia gained 3.8%, while AMD, Intel and Micron rose between 6% and 10%; the semiconductor index climbed 4.2% after falling more than 12% the day before.
U.S. nonfarm payrolls increased by 165,000 in October, compared with a 65,000 estimate, and the unemployment rate fell to 4.1%. Traders priced in a 78% chance of a Fed rate hike in December, up from 70% earlier.
At 11:31 a.m. ET, the Nasdaq was up 1.71%, the S&P 500 had gained 0.94%, and the Dow was little changed. The S&P 500 was on pace for its worst week since June.
