US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones Industrial Average rose nearly 100 points as a weak jobs report reinforced expectations of a Fed rate cut this year.
The US economy added only 22,000 jobs in August, well below the 75,000 expected, while the unemployment rate rose to 4.3%, the highest since 2021 and in line with expectations. The figures point to a cooling labor market and reinforce speculation that the Fed will cut interest rates later this month, with the market now pricing in around 66 basis points of easing for 2025.
By sector, real estate outperformed, while energy lagged. In the corporate sector, Broadcom surged 13% thanks to strong quarterly results, while Nvidia fell 2.6% and Lululemon plunged nearly 18% after releasing weak guidance, citing tariff-related pressure on profitability. For the week, the S&P 500 rose 0.7%, the Nasdaq 1.2%, and the Dow Jones 0.2%. (alg)
Source: Trading Economics
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