DJIA Rises for Third Consecutive Day, Gaining 664 Points Amid Strengthened Rate Cut Expectations; Nasdaq Bounces Back from Downtrend
Federal Reserve Chairman Speculation: Reports suggest Kevin Hassett, White House National Economic Council Director, may be appointed as the next Federal Reserve Chairman, boosting market expectations for a US rate cut and leading to a rebound in US stocks.
Stock Market Performance: The S&P 500 rose by 0.9%, the DJIA gained 1.4%, and the Nasdaq increased by 0.7%, marking a positive trend for major indices after early declines.
Non-Farm Payrolls Data: The US Non-Farm Payrolls for September showed an increase of 119K, significantly higher than the previous -4K and exceeding the forecast of 50K.
Tech Stocks Movements: Meta is reportedly considering a significant investment in Alphabet's AI chips, leading to stock increases for both companies, while Nvidia and other chip stocks experienced declines.
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