Stocks Rally on Jobs Day as Nvidia Boosts AI Trade: Markets Wrap

The rally in stocks powered ahead as optimism over the artificial-intelligence technology that has fueled the bull market outweighed doubts over whether the Federal Reserve will cut rates in December.

A tech surge led equities higher, with the Nasdaq 100 climbing 2% after Nvidia Corp. delivered a solid outlook while pushing back on the idea that the AI industry is in a bubble. Those prospects overshadowed expectations that Fed officials might have to stay on hold next month, with a mixed and stale jobs report doing little to alter those bets. That’s the only official major labor data to be ...