{"id":48330,"date":"2024-11-01T21:28:34","date_gmt":"2024-11-01T21:28:34","guid":{"rendered":"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/"},"modified":"2024-11-01T21:28:34","modified_gmt":"2024-11-01T21:28:34","slug":"market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/","title":{"rendered":"Market Recap: Wall Street Rebounds on Tech Surge and Jobs Data"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#S_P_500_Nasdaq_and_Dow_Jones_Close_Higher_Despite_Weak_Job_Growth\" >S&#038;P 500, Nasdaq, and Dow Jones Close Higher Despite Weak Job Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Market_Performance\" >Market Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Key_Factors_Driving_the_Market\" >Key Factors Driving the Market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Upcoming_Market_Events\" >Upcoming Market Events<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Major_Stock_News\" >Major Stock News<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Market_Outlook\" >Market Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-recap-wall-street-rebounds-on-tech-surge-and-jobs-data\/48330\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"S_P_500_Nasdaq_and_Dow_Jones_Close_Higher_Despite_Weak_Job_Growth\"><\/span>S&#038;P 500, Nasdaq, and Dow Jones Close Higher Despite Weak Job Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Wall Street closed higher on Friday, November 1, 2024, as investors digested a mix of tech earnings and weaker-than-expected job growth data. The market rebound was primarily fueled by strong performances from tech giants and renewed speculation about the Federal Reserve&#8217;s interest rate trajectory.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Performance\"><\/span>Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The major indexes finished the day on a positive note:<\/p>\n<p>&#8211; <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/sp500\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&#038;P 500<\/a> (^GSPC)<\/b> added 0.6%<br \/>&#8211; <b><a href=\"https:\/\/stockmarketwatch.com\/markets\/dowjones\/today.aspx\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Dow Jones Today\">Dow Jones<\/a> Industrial Average (^DJI)<\/b> gained 0.8%<br \/>&#8211; <b>Nasdaq Composite (^IXIC)<\/b> rose 1%<\/p>\n<p>Despite Friday&#8217;s gains, both the S&#038;P 500 and Nasdaq are on track to finish the week with losses, snapping their multi-month winning streaks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Factors_Driving_the_Market\"><\/span>Key Factors Driving the Market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>1. Tech Earnings<\/b><\/p>\n<p>Amazon (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AMZN\">AMZN<\/a>) led the tech sector&#8217;s rebound, surging over 6% after reporting strong quarterly results driven by growth in its cloud and advertising businesses. Intel (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=INTC\">INTC<\/a>) also impressed investors with better-than-expected revenue, sending its shares up by 6%.<\/p>\n<p>However, Apple (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=AAPL\">AAPL<\/a>) bucked the trend, dropping 1.5% as investors expressed concerns over declining sales in China, despite the company beating overall quarterly sales forecasts.<\/p>\n<p><b>2. Jobs Report<\/b><\/p>\n<p>The highly anticipated October jobs report showed that U.S. employers added far fewer jobs than expected last month. The economy added only 12,000 jobs, significantly below economists&#8217; estimates of 113,000. Despite this, the unemployment rate held steady at 4.1%.<\/p>\n<p>This weaker-than-expected job growth data has reinforced expectations that the Federal Reserve will continue its interest rate cutting cycle, which began in September with the first rate cut in four years.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_Market_Events\"><\/span>Upcoming Market Events<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors are now focusing on two critical events in the coming week:<\/p>\n<p>1. <b>U.S. Presidential Election (November 5, 2024)<\/b>: Analysts predict a close race, which could introduce some uncertainty into the markets.<\/p>\n<p>2. <b>Federal Reserve Meeting (November 6-7, 2024)<\/b>: The Fed is scheduled to announce its decision on interest rates. Market participants are largely expecting another 25 basis point cut.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_Stock_News\"><\/span>Major Stock News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&#8211; <b>Boeing (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=BA\">BA<\/a>)<\/b>: Shares rose over 3% after the company reached a tentative deal with its machinists union, potentially ending a seven-week strike.<\/p>\n<p>&#8211; <b>Chevron (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CVX\">CVX<\/a>)<\/b>: Gained 3% following the release of its quarterly results.<\/p>\n<p>&#8211; <b>ExxonMobil (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=XOM\">XOM<\/a>)<\/b>: Dipped about 1% after reporting its earnings.<\/p>\n<p>&#8211; <b>Atlassian (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=TEAM\">TEAM<\/a>)<\/b>: Surged 20% after posting better-than-expected quarterly results and raising guidance, driven by strong demand for AI technology.<\/p>\n<p>&#8211; <b>Charter Communications (<a href=\"https:\/\/thestockmarketwatch.com\/stock\/?stock=CHTR\">CHTR<\/a>)<\/b>: Jumped significantly after reporting better-than-anticipated results and lower-than-expected subscriber losses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Outlook\"><\/span>Market Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we move into a crucial week with the presidential election and Fed meeting on the horizon, market volatility is expected to remain elevated. The CBOE Volatility Index (^VIX) is trading at a more than three-week high, reflecting increased uncertainty.<\/p>\n<p>Investors will be closely monitoring the outcome of these events and their potential impact on interest rates, fiscal policy, and overall market sentiment. Additionally, ongoing earnings reports and economic data releases will continue to influence market movements in the coming days.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Friday&#8217;s market rebound, driven by strong tech performances and labor market data, sets the stage for an eventful week ahead. As investors navigate through election uncertainty and anticipate the Fed&#8217;s next move, staying informed about market trends and company-specific news will be crucial for making well-informed investment decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S&#038;P 500, Nasdaq, and Dow Jones Close Higher Despite Weak Job Growth Wall Street closed higher on Friday, November 1, 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