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Tech leads US stocks higher as Google soars and traders eye big November jobs report

Traders work the floor of the New York Stock Exchange in October 2023
Stocks jumped on Wednesday. The Nasdaq rallied more than 1%, aided by a rally in Alphabet shares.Michael M. Santiago / Getty
  • US stocks climbed, with the tech-heavy Nasdaq moving higher.

  • Shares of Alphabet jumped as Google rolled out Gemini, its answer to ChatGPT.

  • Traders are looking ahead to Friday's non-farm payroll report from the Labor Department.

US stocks rallied on Thursday ahead of a key report from the Labor Department due Friday.

The S&P 500 notched its first day of gains after three consecutive losing sessions, while the tech-heavy Nasdaq gained more than 1%, aided by fresh AI excitement generated by Google.

Google-parent Alphabet surged as much as 6.4% following the company's announcement of its ChatGPT competitor, Gemini. The stock closed 5.34% higher at $138.45 a share.

Markets are coming off a softer-than-expected job openings and private payrolls reading earlier in the week, fueling further bets that interest rates are set to come down next year.

"There's nothing to see here — jobs market remains strong, but there are clear signs outside the data that things are changing," Jamie Cox, managing partner for Harris Financial Group said in a note regarding weekly jobless claims. "We will soon be grappling with outright job cuts in size and it's going to catch a lot of people by surprise."

Friday's employment data will give central bankers one further data point to inform their monetary policy decision at the December FOMC meeting to be held next week.

Here's where US indexes stood as the market closed at 4:00 p.m. on Thursday: 

Here's what else is going on: 

In commodities, bonds, and crypto: 

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