On Friday morning, the US markets opened on a positive note despite the release of the weakest jobs report since December 2020. Analysts suggest that investors are currently more focused on other factors driving market sentiment.
Chief global strategist at Principal Asset Management, in a note on Friday, mentioned that the October jobs report might be overlooked by the markets. The impact of recent hurricanes has significantly affected the numbers, creating uncertainty around the strength of the labor market. However, this is not expected to alter the Federal Reserve's policy rate trajectory.
Notably, the tech sector played a crucial role in boosting major indexes as Amazon and Intel reported better-than-expected earnings for the third quarter. This positive news from big tech companies contributed to the market's upward momentum.
At the opening bell, the S&P 500 surged by 0.4%, the Dow Jones Industrial Average gained 191 points, equivalent to a 0.5% increase, and the Nasdaq Composite rose by 0.5%. These gains reflect the overall optimism prevailing in the market despite the disappointing jobs report.
