Nasdaq Breaks 29,000 as Semis Surge and Jobs Data Crushes Expectations
MarketDash
The Nasdaq 100 hit a new record above 29,000 on Friday, powered by a semiconductor rally and a much stronger-than-expected April jobs report, even as geopolitical tensions in the Strait of Hormuz simmer.
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U.S. equities ripped to fresh record highs by Friday midday, with a runaway semiconductor rally and a much hotter-than-expected April jobs report drowning out the steady drumbeat of headlines from the Strait of Hormuz.
The Nasdaq 100 led the charge, jumping 1.6% to a new all-time high above 29,000, while the S&P 500 climbed 0.8% to near 7,400 points and the Dow held narrowly in the green.
For the tech-heavy indices, it is shaping up to be a sixth straight week of gains, with stocks rallying more than 30% from their March lows.
Micron Technologies Inc. (MU) continued to steal the spotlight. The memory-linked chipmaker rallied 13.5% on the session, pushing week-to-date gains to 35%, the stock's best week since December 2008.
Peer SanDisk Corp. (SNDK) soared in sympathy, up 13%, pushing its year-to-date to a whopping 450%.
Secretary of State Marco Rubio said Washington was awaiting Tehran's response Friday to a U.S. proposal to end the conflict, even as both sides exchanged fire near Hormuz overnight.
Crude clawed back a slice of the week's losses. WTI rose 1.2% to $95.91 a barrel, while Brent added 1.3% to $101.39. Both benchmarks are still down around 6% on the week.
The standout macro print was nonfarm payrolls: the U.S. economy added 115,000 jobs in April, nearly double the 62,000 consensus, with the unemployment rate steady at 4.3% and wage growth a touch below expectations at 0.2% month-over-month.
The University of Michigan's preliminary May Consumer Sentiment Index, by contrast, slumped to a record low of 48.2, with one-year inflation expectations easing slightly from 4.7% to 4.5%.
The mixed macro mosaic kept the Federal Reserve on the sidelines. Markets continue to expect the Fed to hold rates through year-end, while pricing in roughly a 40% chance of a hike by April 2027.
On the downside, Cloudflare tumbled 23% despite beating estimates after announcing layoffs tied to an AI-first strategy, while Upwork Inc. (UPWK) and HubSpot each fell more than 20% on weak guidance.
