Technology shares recovered part of Thursday’s steep selloff on Friday, but the rebound weakened as investors absorbed a stronger-than-expected October employment report.
The move followed a worldwide equity decline and Thursday’s 5. 5% drop in the Nasdaq. Treasury yields held firmer after the employment figures, adding pressure to rate-sensitive technology shares even as investors bought some battered names.
The unemployment rate was 4.
Pay growth reinforced the report’s significance for monetary policy. The stronger labor figures revived expectations that the Federal Reserve could raise interest rates at its December meeting, while upcoming inflation data and the market’s ability to stabilize remain important to that outlook.
Bitcoin traded near $76,000 after falling toward $75,400 during the session, its weakest level since the Federal Reserve’s September rate increase in the supplied market update. IREN shares surged about 20% after quarterly results, while Keel Infrastructure, Bitdeer, Riot Platforms and Hut 8 rose roughly 5% to 8%; the broader data-center group remained deeply below recent highs.
The market reaction also unfolded alongside political and infrastructure developments. President Donald Trump announced that Stephen Miller would replace Susie Wiles as White House chief of staff, with Miller scheduled to begin on November 9. OpenAI CFO Sarah Friar said the company would continue investing to meet customer demand, maintain relationships with major cloud providers and raise capital, adding that the midterm elections had not dramatically changed its plans. She said the company would keep working with communities around data centers if the elections brought greater attention to those projects.