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The Nasdaq Composite rose 264 points, or 1.1%, on Friday as some technology stocks recovered from Thursday’s sell-off. It still ended the week down 3.4%, while the S&P 500 fell 2.7% for the week and the Dow lost 0.9%. Investors were also weighing stronger-than-expected October jobs data and awaiting the next consumer inflation report.
The Nasdaq Composite gained 264 points, or 1.1%, to close at 24,579 on Friday as several technology stocks bounced after Thursday’s broad sell-off. The rebound narrowed the index’s loss for the week to 3.4%, but did not reverse it; the technology-heavy index remained in correction territory, according to Kiplinger.
Friday’s advance was concentrated in some of the technology shares hit hardest the previous session. Memory-chip maker Micron Technology rose 5.1%, while artificial-intelligence leader Nvidia gained 2.8%. Those moves helped the Nasdaq recover some ground after Thursday’s decline, which Kiplinger linked to concerns about political and regulatory headwinds for data-center construction.
The wider market had a more mixed session. The S&P 500 added 0.3% to 7,376 on Friday, but finished the week down 2.7%. The Dow Jones Industrial Average fell 0.5% to 51,285 for the day and lost 0.9% over the week. The contrast shows that Friday’s rebound was more pronounced in technology shares than across the broader indexes.
Other company results drove sharp moves. Airbnb climbed 11.7% after reporting third-quarter earnings of $3.16 per share, up 43% from a year earlier, and revenue of $4.9 billion, a 19% increase that Kiplinger described as its fastest growth in three years. DraftKings fell 21.3% after missing third-quarter estimates and reducing its full-year forecast, citing the effect of investments in prediction markets on profits.
A One-Day Rebound Leaves Weekly Losses
Friday’s gains matter because they offered some relief after a sharp market decline, but the weekly figures show that the recovery was limited. The Nasdaq’s 1.1% daily rise did not offset its 3.4% weekly decline. The S&P 500 and Dow also ended the week lower, indicating that investors had not broadly recovered from the volatility.
Technology shares remain sensitive to expectations for artificial-intelligence spending and the infrastructure needed to support it. Kiplinger reported that concerns over potential political and state-level obstacles to data-center construction contributed to Thursday’s sell-off. A separate report that Microsoft may use fewer “neoclouds”—providers of high-performance computing infrastructure for AI workloads—also weighed on the sector Friday. The report’s implications for demand were not established in the source material.
Investors were also assessing stronger employment figures and the possibility of higher interest rates. Those factors can influence expectations for borrowing costs and company valuations, but one day of stock moves does not establish how markets will respond to upcoming inflation data or Federal Reserve decisions.
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Thursday’s Sell-Off and Friday’s Data
The Friday session followed a volatile week and what Kiplinger called a broad-based market decline on Thursday. According to the report, concerns about Democratic leadership in Washington and several states, including Texas and Ohio, potentially creating headwinds for data-center development were among the factors behind the technology sell-off. The source does not detail specific policy proposals or their likely effects.
Friday also brought a closely watched employment report. The Bureau of Labor Statistics said the United States added 165,000 jobs in October, compared with expectations for 59,000. The unemployment rate fell to 4.1% from 4.2%. The figures were stronger than forecast, though the source does not provide a breakdown of job gains by industry.
Kiplinger reported that futures traders, as tracked by CME Group’s FedWatch tool, priced in a 77% chance of a Federal Reserve rate increase in December, compared with 71% a week earlier. That is a market-implied probability, not a decision or commitment by the Fed. The article said the estimate could change after Tuesday’s October Consumer Price Index report.
“The job market strengthened in October, with considerably better payrolls growth than expected.”
— Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, as quoted by Kiplinger
Policy, Inflation and Rate Outlook
It is not yet clear whether concerns about data-center policy will lead to changes in construction plans or materially affect technology companies’ spending. Kiplinger’s report cited political and state-level concerns but did not specify the policies at issue. The report about Microsoft using fewer neocloud providers also does not establish the scale, timing or broader effect of any change in demand.
The October jobs figures are confirmed in the source, but the outlook for inflation and interest rates remains unsettled. The 77% market-implied chance of a December rate increase is an estimate based on futures trading and may shift; it is not a Federal Reserve announcement. The source anticipated that the upcoming CPI report could affect those expectations, but the inflation reading was not yet available.
Friday’s index moves also do not establish whether the tech rebound will continue. The source gives closing levels and weekly changes, not a forecast for the next session or a confirmed cause for every stock’s movement.
CPI and Neocloud Earnings Ahead
The next scheduled economic release highlighted in the report is the October Consumer Price Index on Tuesday morning. Kiplinger said headline inflation was expected to moderate as gasoline prices eased, while remaining above the Federal Reserve’s 2% target. The published CPI result will give investors new information to weigh against October’s stronger employment report and current rate expectations.
Investors will also be watching earnings from CoreWeave, a prominent neocloud provider, in the following week’s earnings calendar. Kiplinger reported that Wall Street expected a wider per-share loss than the company recorded a year earlier while forecasting strong revenue growth. The results and company commentary may offer further evidence about demand for AI computing infrastructure, though they cannot by themselves settle broader questions about data-center investment.
Until those developments arrive, the Friday close provides a snapshot rather than a clear market direction: technology stocks recovered some of Thursday’s losses, while all three major indexes remained down for the week.
Key Questions
How much did the Nasdaq gain Friday?
The Nasdaq Composite rose 264 points, or 1.1%, to 24,579 at Friday’s close, according to Kiplinger.
Did the Nasdaq finish the week higher?
No. Despite Friday’s rebound, the index ended the week down 3.4% and remained in correction territory, as described in the report.
What happened to the S&P 500 and Dow?
The S&P 500 gained 0.3% to 7,376 Friday and lost 2.7% for the week. The Dow fell 0.5% to 51,285 Friday and was down 0.9% for the week.
What did the October jobs report show?
The Bureau of Labor Statistics reported 165,000 jobs added in October, above expectations of 59,000. The unemployment rate declined to 4.1% from 4.2%.
What market event is next?
The October CPI report was scheduled for Tuesday morning, followed by earnings from CoreWeave in the next week’s calendar, according to Kiplinger. The CPI release could affect market expectations for Federal Reserve policy.
Source: kiplinger.com
