Tech shares recover part of losses as jobs data lifts dollar

Economy · First reported 6 Nov, 11:10 · Updated 15:10

Image: Wikimedia Commons · NASA Johnson Space Center · Public domain

US tech stocks rebounded after a sharp sell-off, while strong jobs data supported the dollar and reinforced expectations of a Federal Reserve rate increase. Concerns about AI data-centre spending and the market impact of election results remained in focus.

The Nasdaq rose 1.1% on Friday after falling 5.5% the previous day; the report said it had entered a correction after losing more than 10% over the past month.
The US added 165,000 jobs last month, and unemployment dipped to 4.1%, according to the report.
Investors widely expected the Federal Reserve to raise interest rates by a quarter percentage point at its next meeting in December; the dollar gained against the euro and other major currencies.
The report linked investor concerns to the prospect of a slower AI data-centre buildout and weaker returns on large investments.
Tokyo and Seoul markets ended the week down 6%; London, Paris and Frankfurt also finished lower.

Summary written by Lux AI from 4 articles

Key facts

Nasdaq Friday move: Up 1.1% after a 5.5% fall Thursday.
US jobs added: 165,000 last month.
Unemployment rate: 4.1%.
Expected Fed move: Investors widely expected a quarter-percentage-point rate increase in December.
Tokyo and Seoul markets: Both ended the week down 6%.