Finance

Equities experienced a strong relief rally following the softer employment data, with the tech-heavy Nasdaq Composite climbing 1.2% to achieve a fresh all-time high. The S&P 500 and Dow Jones Industrial Average similarly achieved daily gains of 0.7% and 0.5%, respectively. However, despite the robust Friday performance, both the S&P 500 and the Dow booked net losses for the week, while the Nasdaq secured its third consecutive weekly gain.

Digital assets experienced notable positive momentum, with Bitcoin reversing earlier fluctuations to solidify trading parameters above the $86,000 threshold and Ethereum climbing back past $2,700. The broader crypto environment also benefited from updated institutional forecasts, as Citigroup increased its 12-month projections to $113,000 for Bitcoin and $3,028 for Ethereum due to resilient decentralized network activity and solid exchange-traded fund demand.

Shares of the global athletic footwear and apparel giant experienced downward pressure following a disappointing quarterly report. The company projected a steeper drop in sales for the current fiscal year than analysts had initially modeled. The revised trajectory weighed heavily on consumer discretionary performance metrics even as the broader markets advanced.