WS #15258
The US labor market has cooled significantly with Non-Farm Payrolls coming in at just 29k and unemployment rising to 4.2%. This weak data has shifted market expectations toward imminent rate cuts, driving a broad rally in equities and a surge in Bitcoin past $87,000. The dovish pivot supports growth and high-multiple assets while reducing the likelihood of a near-term recession, though it highlights underlying economic fragility. Nvidia continues its relentless ascent, hitting new all-time highs and approaching a $6 trillion market capitalization. The stock's performance is driven by sustained demand for AI infrastructure, with major cloud providers like Amazon continuing to secure massive chip orders. This momentum reinforces the AI narrative as the primary driver of US equity valuations, even as broader macro indicators show mixed signals.
US Jobs Miss and Dovish Macro Pivot
The US labor market has cooled significantly with Non-Farm Payrolls coming in at just 29k and unemployment rising to 4.2%. This weak data has shifted market expectations toward imminent rate cuts, driving a broad rally in equities and a surge in Bitcoin past $87,000. The dovish pivot supports growth and high-multiple assets while reducing the likelihood of a near-term recession, though it highlights underlying economic fragility.
Nvidia continues its relentless ascent, hitting new all-time highs and approaching a $6 trillion market capitalization. The stock's performance is driven by sustained demand for AI infrastructure, with major cloud providers like Amazon continuing to secure massive chip orders. This momentum reinforces the AI narrative as the primary driver of US equity valuations, even as broader macro indicators show mixed signals.