Market Close: Stocks End Week In Red, AI Debate Continues, Strong Jobs Report

0:01Jill Schneider: I'm Jill Schneider, CNBC. Tech stocks staged a comeback. The Nasdaq jumped 264 points, more than a percent. But it wasn't enough to undo the damage of Thursday's massive sell-off. The Nasdaq finishing the week lower by three and a third percent. The Dow lost another 237 points today, finishing the week about a percent lower. The S &P 500 was up 23 points today, but still for the week down more than two and a half percent. Morgan Stanley's Jim Caron calls this more of a reset than a retreat. If we look at the fundamental underpinnings of the economy, whether it's the jobs data, we saw jobless claims, we saw the joltz data, the consumer seems to be doing okay.

0:40The retail components seem to be okay. So I would argue that the fundamental growth, we had third quarter growth, I mean, which was also very, very strong. I think all of this together really tells us that. We've had a reset from a position of strength.

0:54Jill Schneider: Shares of Tesla added four and a quarter percent today, but still finished the week more than 10 percent lower. Investors concerned that Elon Musk could face new congressional probes and his company's stricter regulations following the U.S. midterm elections. Ron Barron, founder and CEO of Barron Capital, says whatever Musk decides about combining SpaceX and Tesla, he'll support him. We're investors in SpaceX and in Tesla, and a very significant portion of our assets are in both companies. I think, you know, we've already made with him, what did I say,$30 billion. And I think that over the next 10 years, I think we're going to make hundreds of billions of dollars.

1:39Hundreds.

1:39Jill Schneider: Voters sent a clear message in Tuesday's midterm elections in favor of a pause on AI data center construction. Open AI CFO Sarah Fryer tells CNBC her firm will keep investing in AI data centers despite the election results. When I think about the midterms, I need to keep thinking about how do we keep investing to meet that customer demand. It starts early with having built relationships with all of the hyperscalers, and it will continue to mean that we raise capital. The economy added 165 ,000 jobs last month, way more than expected. The unemployment rate slipped a notch to 4.1 percent. National Economic Council Director Kevin Hassett reacting to the report on CNBC.

2:20Economists like me, our job is to just explain truthfully what's going on in the data. The data right now are singing a beautiful song, and I expect that the momentum from that is going to continue.

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