Market Midday: Stocks Higher, AI Debate Continues, Axon Tumbles

0:01Jill Schneider: I'm Jill Schneider, CNBC. All the major indexes are higher in midday trading as stocks try to rebound from Thursday's sell-off. The Nasdaq up 420 points, about one and three quarters percent. The Dow up 100 points and the Nasdaq higher by 73. Voters sent a clear message in Tuesday's midterm elections in favor of a pause on AI data center construction. OpenAI CFO Sarah Fryer says 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.

0:47Jill Schneider: Citigroup chair and CEO Jane Frazier tells CNBC the industry is listening to concerns about AI and data centers. It's not falling on deaf ears. We're seeing firms looking at where they're putting their data centers, being thoughtful about water, investing back into the communities, making sure it's not impacting local electricity pricing. So I don't think the industry is being deaf to it. Underneath it all, Jeannie's not going back in the bottle. 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.

1:27Economists 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 the momentum from that is going to continue.

1:39Jill Schneider: The biggest drag on the S &P 500 today is Axon Enterprise. The taser maker down more than 17 % to a 52-week low after missing Wall Street estimates for the third quarter and issuing weak guidance for the fourth quarter. Jill Schneider, CNBC. Hey, Fidelity. How can I remember to invest every month? With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs. Oh, that sounds easier than I thought. You got this. Yeah, I do. Now, where did I put my keys? You will find them where you left them. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC.

2:22Member NYSE SIPC.