Tech Stocks Surge as Jobs Data Boosts Dow Jones and Microsoft Eyes All-Time High
The Dow Jones Industrial Average rose to session highs, with the S&P 500 and Nasdaq also reaching their highs of the day. The small-cap Russell 2000 outperformed, while the Innovator IBD 50 ETF added a hefty gain. Crude oil rose, and the yield on the 10-year Treasury note remained unchanged. The jobs report indicated a slowing economy, but wage growth was strong. Microsoft is near its all-time high, JPMorgan Chase rose after an upgrade, and Caterpillar gained. Outside the Dow, Levi Strauss cut its full-year outlook, Tesla announced new incentives in China, and Fisker missed production targets. Rivian continued its winning streak, Mercedes-Benz joined Tesla's supercharger network, and Beacon Roofing rose after strong sales results. Meta's microblogging site Threads saw a surge in sign-ups.