"Stocks Surge as Nasdaq Leads Market Rally Ahead of Crucial Jobs Data"

Tech stocks, led by Alphabet, surged on Thursday, driving the Nasdaq Composite up nearly 1.4% and the S&P 500 up 0.8%. The Dow Jones Industrial Average lagged behind, rising only 0.2%. Investors are closely watching labor market data for signs of the Federal Reserve's interest rate hikes having their desired impact on inflation. With a soft landing for the economy appearing more likely, traders are betting on a Fed policy shift to cut rates. The upcoming monthly US jobs report will be a crucial test of inflation and interest rate expectations before the Fed's last meeting of the year next week.