Stock Market Today: Weak Nonfarm Payrolls, NVDA All-Time High, TSLA Rallies

Marley Kayden (0:00)

Welcome to The Wrap. I'm Marley Kayden, here to take you through today's market action. Let's take a look at where the markets closed to end the week. The Nasdaq 100 hit an all time high and gained 7 tenths for the week. The S&P 500 Dow and Russell 2K finished lower. Tech, energy and utilities led, while healthcare, financials and staples saw the biggest declines. Friday's top headline was the monthly jobs report. Non-farm payrolls rose by just 29,000 in September, well below the 84,000 forecast, while the unemployment rate increased to 4.2 percent. The data was positive for stocks as traders priced in that the Fed will keep interest rates unchanged later this month. And Nvidia hit a new all-time high today after getting reinstated as the top pick in semis at Morgan Stanley. The analysts recently met with Jensen Wong and sees AI trends playing to Nvidia's quote-unquote strengths going forward. And Tesla moved 4 percent higher after Q3 deliveries came in better than expected. The EV maker delivered 486,532 vehicles, surpassing estimates and rising from the previous month. The company also said it deployed 13.7 gigawatt hours of energy storage products during the quarter up from 12.5 gigawatt hours a year ago.

And Nike shares hit a 13-year low, decelerating after week revenue outlook overshadowed its latest results. Fiscal first quarter revenue fell 4 percent to 11.2 billion dollars with continued weakness in Greater China. Nike expects revenue to decline by high single digits in fiscal 2027, and is launching a new cost-cutting plan with additional layoffs set to begin next year. As we look ahead at what to watch for next week, it will be a busy week for Fed speakers, and the FOMC minutes are out on Wednesday. With yield spiking, investors will be paying close attention to the 10-year and the 30-year bond auctions. On the earnings front, PepsiCo and Delta report later in the week. That's going to do it for the wrap. I'm Marley Kayden. Remember you can tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.