Nasdaq Hits Record High as Weak US Jobs Data Cools Rate Hike Hopes

US stock markets climbed as the Nasdaq Composite reached a record high following disappointing jobs data that lowered bets on further interest rate hikes. Falling Treasury yields and lower oil prices also helped lift overall market mood. Chip-making stocks saw strong gains, with Nvidia touching an intraday record high. On the other hand, shares of Nike dropped after the company warned of a major drop in revenue due to ongoing troubles in China.

Context

Stock markets often react positively to weaker economic numbers because investors believe it will stop central banks from raising interest rates further. Global share prices regularly shift based on updates about company earnings, commodity prices, and employment reports from major economies.