Dow Falls 237 Points on Consumer Stocks; Nasdaq Rebounds on AI Gains

The Dow Jones Industrial Average fell for a second straight session, closing down 237.33 points (0.46%) at 51,285.73, pressured by declines in consumer and defensive stocks, while the Nasdaq rebounded. The October U.S. jobs report showed nonfarm payrolls rose by 165,000, far exceeding the 59,000 forecast, with upward revisions to August and September. The unemployment rate improved to 4.1% from 4.2%, and average hourly earnings also beat expectations. Strong labor data raised expectations that the Federal Reserve may hold off on rate cuts in December, weighing on investor sentiment. AI-related stocks rebounded after recent losses, with Nvidia and Alphabet rising, while Lam Research jumped after approving a $25 billion buyback.