Nasdaq Hits Record High as Treasury Yields Retreat

Stocks are sharply higher at midday, as a weaker-than-expected jobs report sends Treasury yields lower and boosts expectations the Federal Reserve will hold interest rates steady this month. The U.S. economy added just 29,000 jobs in September, below estimates of 84,000, while the unemployment rate unexpectedly rose to 4.2%. Fed funds futures now point to an 86% chance the central bank keeps interest rates unchanged in October.

The Nasdaq Composite Index (IXIC) tapped a fresh record high, boosted by Nvidia's (NVDA) own surge to record highs. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are also in the black, as oil retreats amid reports the European nations are considering a release of strategic fuel reserves.

Continue reading for more on today's market, including:

• ON Semiconductor stock jumps on revised merger agreement. 
• Struggling Nike stock slips further on disappointing revenue. 
• Plus, options bulls eye VIAV rally; ARM enjoys Nvidia tailwinds; and STX plummets as competition ramps up. 

Viavi Solutions Inc (NASDAQ:VIAV) was last seen up 4.2% at $46.65, looking to extend its win streak to 13 days, and options traders are chiming in on the price action. So far, 17,051 contracts have changed hands, which is 2.9 times the stock's average volume. Options traders are leaning bullish, with VIAV’s net option delta volume sitting at a positive 28,300 shares where bullish activity accounts for 76.1% of the total. VIAV is up 164.4% year to date. 

Arm Holdings PLC (NASDAQ:ARM) is enjoying the broader tech rally, up 7.9% to trade at $315.31 at last glance. The company's role in Nvidia's Open Agent Safety Platform, outlined last session, is providing tailwinds as well. Year to date, the equity is up 187%. 

On the other hand, Seagate Technology Holdings PLC (NASDAQ:STX) is down 13.6% to trade at $816.60, after news that Japan-based competitor Toshiba plans to double production capacity for hard disk drives used in AI data centers within fiscal 2027. Long-term support at the 130-day moving average is keeping losses in check, however, with the shares still up roughly 192% in 2026.