Dow Erases Nvidia-Led Gains as Mixed Jobs Report Rattles Markets

The Dow Jones Industrial Average surrendered early gains fueled by Nvidia's earnings beat after a contradictory jobs report showed both stronger payroll growth and rising unemployment. Labor data revealed 119,000 September jobs added—more than double forecasts—but August figures were revised to a 4,000 loss. Unemployment ticked up to 4.4%, its highest since October 2021.

Market reactions were swift but inconclusive. The delayed BLS report, compounded by government shutdown distortions, left traders weighing whether the data supports a pause in Fed rate hikes. 'This isn’t the soft landing narrative anymore,' noted one institutional trader, requesting anonymity while repositioning crypto allocations. 'We’re seeing rotation into BTC and ETH as macro hedges.'

Cryptocurrency markets showed muted response, with major coins like SOL and XRP holding steady. Exchange volumes on Binance and Coinbase remained below average, suggesting institutional players await clearer signals from the delayed October jobs report due December 16.