Finance

Despite the negative economic data from the labor sector, the main US stock benchmarks rallied to finish Friday's session in the green. The tech-heavy Nasdaq Composite led the upward momentum with a 1.2% gain, while the S&P 500 and Dow Jones Industrial Average rose 0.7% and 0.5% respectively. Shrugging off the weak jobs data, equity markets found relief as expectations of aggressive imminent rate hikes subsided.

Tech shares spearheaded the recent market rebound, heavily influenced by artificial intelligence giant Nvidia. The hardware manufacturer's stock surged to a new historical all-time high following an optimistic research note published by Morgan Stanley. The enthusiasm surrounding the chip sector also extended abroad, lifting tech and semiconductor stocks in global markets like Tokyo.

Long-dated U.S. government bond yields experienced a slight pullback to start October trading, providing much-needed relief to equity valuations. Prior to the retreat, the 10-year Treasury yield had surged toward 5.3%, touching its highest peak in over two decades. Bond market pressures remain a focal point for investors as persistent inflation and elevated energy costs alter long-term expectations for the path of global interest rates.