US stocks staged a comeback on Friday as investors digested a big miss in the monthly jobs report and welcomed Amazon (AMZN) and Intel (INTC) earnings.
The tech-heavy Nasdaq Composite (^IXIC) gained 0.8%, while the S&P 500 (^GSPC) rose 0.4%, both coming off a steep sell-off fueled by worries about Big Tech’s artificial intelligence spending. The Dow Jones Industrial Average (^DJI) added roughly 0.7%.
Despite the turnaround on Friday, all three gauges posted losses for the week.
Markets took in their stride the disappointing headline numbers in the all-important jobs report. The US economy added just 12,000 jobs in October, significantly missing expectations. The government said those numbers were weighed down by recent hurricanes and strike activity, most prominently at Boeing (BA).
The report is the last major economic data before the Federal Reserve’s next policy decision on Nov. 7. Market expectations for that meeting moved little in its wake, with traders pricing in about 99% odds of a quarter-point rate cut at the Fed meeting next week, per CME FedWatch.