Tech Stocks Surge as Strong Jobs Report Bolsters U.S. Markets
U.S. stocks rose following a positive jobs report, calming economic fears. The Dow, S&P 500, and Nasdaq all gained over 1%. Despite trade tensions, the Federal Reserve is expected to delay rate cuts. Tesla rebounded while Lululemon and DocuSign shares fell due to disappointing outlooks.
In a positive turn for U.S. stocks, Friday's market saw significant gains following a robust jobs report, which assuaged fears over the economy. Tech-heavy indices like the Nasdaq and the broader S&P 500 index climbed over 1% thanks to the report showing a notable increase in nonfarm payrolls.
Despite ongoing trade tensions, Federal Reserve policymakers are now projected to delay interest rate cuts until September. This follows softer-than-expected private payrolls and service sector data earlier in the week which had sparked concerns over a potential economic slowdown.
As tech stocks rallied, Tesla recovered from a recent downfall, gaining 3.9%. Meanwhile, shares of Lululemon and DocuSign plummeted after uninspiring annual forecasts. Elsewhere, White House officials continue to plan crucial trade discussions with Chinese counterparts, hoping to resolve ongoing disputes.
(With inputs from agencies.)
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