Why did Zoom stock surge today? Jobs report spurs tech optimism
Sundry Photography


Zoom Communications (NASDAQ:ZM) finished up nearly 6% on Friday as December's monthly payroll report appeared to soothe investor concern, leading to wide gains for technology stocks.
More than 4M shares of Zoom (ZM) were traded on Friday, slightly above the average daily volume of 3.8M.

The U.S. added 223,000 jobs during the month of December, topping expectations of 210,000. However, prior revisions to October and November lowered the previous total by a combined 28,000, indicating some softness in the labor economy.
Additionally, average hourly earnings rose 0.3%, below the 0.4%, economists were expecting.
The jobs report data boosted odds that the Federal Reserve could start to slow down its rate hike program. According to the CME's FedWatch Tool, odds of a 25 basis point rate hike for the Fed's February meeting increased to 74.2% on Friday, up from 62.6% on Thursday.
In late November, Zoom (ZM) fell sharply after investment firm Piper Sandler called the firm's outlook "a lump of coal."