Stock market today: Nasdaq, S&P 500 pop to strong weekly gains after jobs report boosts Fed rate cut odds

Published On Dec 6, 2024, 6:00 PM

US stocks mostly rose on Friday following a jobs report that showed the economy added 227,000 jobs in November, which was a bit higher than expected. The unemployment rate increased to 4.2%. The report raised hopes for a potential interest rate cut by the Federal Reserve, with near-90% odds for a quarter-point reduction at the upcoming December meeting. Major tech stocks hit all-time highs, while the Dow slightly declined. The favorable jobs report is interpreted as strong enough for economic confidence yet soft enough to keep rate-cutting options open.

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Stock Forecasts

AMZNView AMZN chart on TradingView

Positive

The positive labor market report and anticipation of a Fed rate cut are likely to boost the performance of tech stocks, especially those that have shown significant gains like Amazon, Apple, and Meta.

LULUView LULU chart on TradingView

Positive

With the bullish sentiment in tech stocks and the possibility of a Fed rate cut, Lululemon's strong earnings and revised profit outlook may encourage further investor interest, leading to continued upward momentum.

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