US stocks showed resilience in late morning trading on Friday, with investors focusing on strong tech earnings despite a lackluster jobs report. The S&P 500 surged by 1%, the Dow climbed over 500 points (1.2%), and the Nasdaq saw a 1.3% increase.
The Nonfarm Payrolls report for October, which revealed a decline, was met with caution by market experts. The impact of hurricanes Helene and Milton, along with the Boeing strike, were cited as significant factors influencing the data. However, the unemployment rate remained stable at 4.1%, unaffected by these external events. Additionally, hourly earnings showed a promising 4% increase compared to the previous year.
Looking ahead, investors are anticipating the Federal Reserve's decision on interest rates following their upcoming meeting next Wednesday. The prevailing sentiment suggests an expectation for a quarter-point rate cut by the Fed.
