Wall Street bounced back Friday, with the Nasdaq 100 heading for its best session since Sept. 21 as chipmakers recovered part of Thursday's historic AI rout. A blowout October jobs report added to the relief, easing fears that the economy is losing steam.

The U.S. economy added 165,000 jobs in October, well above the 65,000 economists had expected, while the unemployment rate fell to 4.1% from 4.2%. Average hourly earnings rose 0.4% on the month and 3.1% from a year earlier, both above forecasts, and August and September payrolls were revised up by a combined 84,000.

Chipmakers led the rebound:

• The VanEck Semiconductor ETF (SMH) rose 3.8%, a day after chip stocks posted their worst session since 2020.
• Advanced Micro Devices Inc. (AMD) jumped 9.8%.
• Micron Technology Inc. (MU) added 6.3% after Thursday's 17.5% plunge.

The S&P 500 rose 0.9% to 7,421, up 67 points, clawing back about a fifth of Thursday's 4.4% slide.

The Dow Jones Industrial Average edged up 57 points, or 0.1%, to 51,580. Nvidia Corp. (NVDA) led the blue-chip index with a 3.9% gain as dip buyers returned after Thursday's 9.3% drop. The move added about $170 billion to Nvidia's market value, less than half of the roughly $447 billion it lost the day before.

The Nasdaq 100 rose 2% to 27,160, still 13% below its Oct. 6 record close. Within the Magnificent Seven, Tesla Inc. (TSLA) climbed 4.8% after CEO Elon Musk said the company will wind down Cybertruck production to make room for its self-driving Cybercab. The Russell 2000 advanced 0.9% to 2,754.

The CBOE Volatility Index, or VIX, fell 16% to 23.67, after Thursday's nearly 70% spike.

Short-Dated Treasuries Sold Off After Jobs Data

The 2-year Treasury yield climbed 4 basis points to 4.51%. The 10-year yield edged up 1 basis point to 4.85%, while the 30-year yield slipped 1 basis point to 5.25%.

Gold fell 1% to $4,072 an ounce and silver lost 0.7% to $52.00. West Texas Intermediate crude slipped 0.4% to $90.18 a barrel, and Brent fell 0.9% to $97.44. Bitcoin (CRYPTO: BTC) was little changed at $75,912.

On the data front, the University of Michigan's preliminary consumer sentiment index rose to 51 in November from 48 in October, beating expectations. One-year inflation expectations eased to 4.3% from 4.7%, the lowest since August.

Friday's Performance In Major US Indices

According to market data:

• The Vanguard S&P 500 ETF (VOO) gained 0.9%.
• The SPDR Dow Jones Industrial Average ETF Trust (DIA) inched up 0.1%.
• The Invesco QQQ Trust (QQQ) rallied 2%.
• The iShares Russell 2000 ETF (IWM) rose 1%.

Tech Leads The Rebound As Staples Lag

• The Technology Select Sector SPDR Fund (XLK) rose 2%, the best performer among the 11 S&P 500 sectors, as investors bought back the chip and AI names that were hit hardest on Thursday.

• The Consumer Staples Select Sector SPDR Fund (XLP) fell 0.9%, the weakest sector, as money rotated out of the defensive names that held up during the selloff.

• Communication services and energy gained 0.9% each, consumer discretionary and industrials rose about 0.5%, while financials, health care, materials, utilities and real estate were little changed.

Earnings Drive Biggest Single-Stock Moves

• Karman Holdings Inc. (KRMN) soared 29.1% after the defense supplier reported record third-quarter revenue of $201.6 million, up 65.6% from a year earlier, and raised its 2026 revenue outlook to $755 million to $760 million. Backlog hit a record $1.7 billion.

• Quantinuum Inc. (QNT) jumped 22.2% after the quantum computing company lifted its 2026 revenue forecast to $31 million to $34 million, from $28 million to $32 million. Third-quarter revenue rose 233% to $9.1 million, ahead of estimates.

• Oklo Inc. (OKLO) rallied 21.7% after the nuclear developer posted third-quarter revenue of $1.86 million, above the $1.02 million estimate, and said it began structural construction of its 75-megawatt Aurora powerhouse in Idaho.

• IREN Ltd. (IREN) climbed 19.5% after fiscal first-quarter revenue of $228 million topped estimates, with AI cloud revenue up 182% from the prior quarter to $200 million. Ubiquiti Inc. (UI) gained 16.9% on record fiscal first-quarter revenue of $1.03 billion, up 39.9% from a year earlier.

On the Downside

• DraftKings Inc. (DKNG) plunged 26.8% after a third-quarter adjusted loss of 53 cents per share, wider than the 39-cent loss expected, and revenue of $1.33 billion, missing estimates. The company also cut its 2026 revenue guidance to $6.35 billion to $6.55 billion.

• Axon Enterprise Inc. (AXON) sank 18.1% after missing third-quarter adjusted earnings estimates and lowering its full-year revenue guidance, citing delays in three federal deployments of its Dedrone drone-detection offering. Craig-Hallum downgraded the stock to Hold from Buy.

• Halozyme Therapeutics Inc. (HALO) fell 14.8% after Leerink Partners downgraded it to Market Perform from Outperform, saying third-quarter results beat estimates only marginally.

• Atlassian Corp. (TEAM) dropped 14.6% as its fiscal first-quarter beat came in smaller than investors hoped, with cloud revenue up 30.5% against a 28.5% guide. Truist Securities cut its price target to $200 from $250.

• Microchip Technology Inc. (MCHP) slid 13.7% after guiding December-quarter revenue to $1.61 billion at the midpoint, below the $1.63 billion consensus, as supply constraints at foundries and outsourced assembly partners delay high-margin shipments.

Friday's Russell 1000 Top Gainers

Friday's Russell 1000 Top Losers