WS #15248
The US economy added only 29,000 jobs in September, a sharp miss against the 89k consensus, signaling a cooling labor market. Rather than triggering recession fears, the data has been welcomed by Wall Street as it virtually eliminates the probability of an October rate hike, reinforcing expectations for continued monetary easing. This macro shift has supported a broad equity rally, particularly benefiting growth stocks and high-multiple tech names, while weakening the dollar and boosting Bitcoin. NVIDIA has surged to a new all-time high, crossing the $5.72 trillion market cap threshold, driven by aggressive inflows into active ETFs and sustained institutional demand for AI exposure. While the broader market reacts to macro data, NVIDIA's momentum remains isolated and powerful, supported by positive analyst sentiment and strong earnings visibility. This milestone underscores the continued dominance of the AI narrative in equity markets, despite emerging concerns about hardware pricing and memory constraints.
US Jobs Miss and Rate Cut Pricing
The US economy added only 29,000 jobs in September, a sharp miss against the 89k consensus, signaling a cooling labor market. Rather than triggering recession fears, the data has been welcomed by Wall Street as it virtually eliminates the probability of an October rate hike, reinforcing expectations for continued monetary easing. This macro shift has supported a broad equity rally, particularly benefiting growth stocks and high-multiple tech names, while weakening the dollar and boosting Bitcoin.
NVIDIA has surged to a new all-time high, crossing the $5.72 trillion market cap threshold, driven by aggressive inflows into active ETFs and sustained institutional demand for AI exposure. While the broader market reacts to macro data, NVIDIA's momentum remains isolated and powerful, supported by positive analyst sentiment and strong earnings visibility. This milestone underscores the continued dominance of the AI narrative in equity markets, despite emerging concerns about hardware pricing and memory constraints.