Stocks rally on strong US jobs report, with major indices up, chip stocks leading gainers.

From Nasdaq: 2024-10-04 14:41:24

Stocks rallied today with the S&P 500 up +0.71%, Dow Jones up +0.52%, and Nasdaq up +1.19% after a strong US Sep payroll report. Israeli bombings near Beirut airport heightened Middle East tensions. US Sep nonfarm payrolls rose +254,000, unemployment fell to 4.1%, average hourly earnings increased +0.4%.10-year T-note yield rose to 3.967%. European government bond yields also climbed. German bund yield hit a 1-month high of 2.239%, UK gilt yield rose to a 2-1/4 month high of 4.137%. japanese Nikkei Stock 225 rose +0.22%, Euro Stoxx 50 increased by +0.35% while China was closed for the National Day holiday. Chip stocks including Intel, Nvidia, and Texas Instruments were among the top gainers. CVS Health Corp and Vistra Corp also surged. Homebuilders like DR Horton and Lennar dipped. Shipping stocks fell, led by ZIM Integrated Shipping Services, Rivian Automotive cut its full-year vehicle production forecast. Verizon Communications, Warner Music Group, and Azek Co faced losses due to analyst downgrades. Dine Brands Global also slid following a downgrade. Earnings reports await Apogee Enterprises Inc, Golden Matrix Group Inc, Park Aerospace Corp, and Village Super Market Inc.



Read more at Nasdaq: Stocks Rally as a Strong US Jobs Report Bolsters Soft-Landing Prospects