Economy Surprises, Stocks Rally; Kulicke and Soffa Soars

The September jobs report surprised with a 119,000 non-farm payrolls addition, significantly beating predictions. Despite a slight uptick in unemployment and slower wage growth, the economy remains robust. This unexpected job market strength has created uncertainty around the Federal Reserves December interest rate decision. The stock market reacted positively, with a general rally driven by strong economic indicators and a booming technology sector. Semiconductor manufacturing companies, including Semtech, FormFactor, and Kulicke and Soffa, saw notable gains. Kulicke and Soffa surged 14% following the report, indicating a strong market reaction to the latest economic data. However, the company is still down 16% since the start of the year. Some investors are taking profits in high-flying AI and technology stocks, a trend called market rotation, as a long government shutdown ends and delayed economic reports are released.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.