S&P 500 and Nasdaq Hit Fresh Highs
US stocks advanced on Friday, with the S&P 500 up 0.4% and the Nasdaq gaining 0.6% to fresh record highs, while the Dow Jones added nearly 100 points as a weak jobs report strengthened expectations for Fed rate cuts this year. The US economy added just 22K jobs in August, well below estimates of 75K, while the unemployment rate rose to 4.3%, the highest since 2021 and in line with expectations. The figures pointed to a cooling labor market and reinforced bets that the Fed will cut rates later this month, with markets now pricing in around 66bps of easing for 2025. By sector, real estate outperformed, while energy lagged. On the corporate front, Broadcom jumped 13% on strong quarterly results, while Nvidia fell 2.6% and Lululemon tumbled nearly 18% after issuing weak guidance, citing tariff-related pressures on profitability. For the week, the S&P 500 is up 0.7%, the Nasdaq 1.2%, and the Dow 0.2%.(ayu)
Source: Newsmaker.id
