Photo: Carol M. Highsmith / Public domain
U.S. stock futures held most of their early moves after a blowout October jobs report Friday, with technology shares pointing to a rebound a day after the artificial-intelligence trade’s worst rout in years.
Nasdaq 100 futures rose 1.4% and S&P 500 futures added 0.1% in early trading Friday, while Dow futures fell about 528 points, or 1.1%, as the strong jobs report sent Treasury yields higher and held back gains, according to CNBC’s live market coverage. The benchmark 10-year yield rose about 6 basis points to roughly 4.90%, the 30-year about 5 basis points to roughly 5.30% and the 2-year about 6 basis points to roughly 4.54%.
The economy added 165,000 jobs in October, nearly triple the roughly 59,000 economists expected, and the unemployment rate fell to 4.1%, the Bureau of Labor Statistics said. August and September were revised up by a combined 84,000. Read the full JBizNews jobs report.
Chip stocks extended a premarket rebound that began well before the 8:30 data. Lam Research surged about 11% before the open after its board approved a $25 billion share repurchase authorization and declared a quarterly dividend of $0.33 a share, the company announced. Micron Technology jumped 9% and Nvidia rose 3% in early trading Friday.
On Thursday, the Nasdaq Composite posted its steepest one-day drop in 19 months and closed nearly 12% below its October 6 record, putting it in correction territory. The Dow Jones Industrial Average fell about 1,833 points, or 3.4%, and the S&P 500 lost about 4.4% in its worst day since April 2025.
What the jobs report means
The strong hiring reading gives the Federal Reserve more room to keep raising interest rates – a scenario that could mean more pressure on stocks. The Fed raised rates by 25 basis points in September, and traders had been pricing in a better-than-65% chance of a December hike ahead of the report, according to CME FedWatch data cited in early market coverage.
Weekly jobless claims fell to 189,000 in the week ended October 31, the Labor Department said Thursday. The report breaks a long stretch of slow hiring but few layoffs, with employers reluctant both to add staff and to cut workers.
Homebuyers enter the day with mortgage rates lower for a third straight week. The 30-year fixed mortgage averaged 7.18% as of November 5, down from 7.24% a week earlier, according to Freddie Mac’s survey.
JBizNews Desk | Wall Street
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
_(6718386525).jpg){kind=link}