Nasdaq Hits Record After Soft Jobs Report… And The Fed’s Next Move After Jobs Report 10/2/26

Despite a weak jobs report, rising yields and one forecaster's call for 100bps more Fed hikes coexist with record highs in NVIDIA and the Nasdaq.

• NVIDIA hits new record: Shares rose up to 3% to a $5.6 trillion market cap after Morgan Stanley reinstated it as top semi pick; traders call it cheap despite the run.
• Memory makers diverge: Seagate and Western Digital fell double-digits on a Nikkei report that Toshiba will double Philippines HDD capacity; Wedbush's Matt Bryson called the selloff overdone since the capacity doubling is really FY25-FY27 and head-component constraints (TDK) limit supply through 2029.

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