Tech stocks stage partial rebound while dollar gains after US jobs data

Tech stocks experienced a partial rebound on Friday, as US jobs data surpassed expectations. The dollar also gained strength following the positive employment figures. The tech-heavy Nasdaq index recovered a portion of its losses from the previous session's decline, after a 5.5% drop on Thursday. However, the index technically entered a correction, having fallen over 10% in the past month, signaling concerns about the impact of Democrats' electoral victories on the artificial intelligence data center buildout.

Texas Governor-elect Gina Hinojosa expressed hope for increased community involvement in the placement of data centers, emphasizing a partnership approach focused on the benefits for Texans. Meanwhile, the US economy added 165,000 jobs in the previous month, exceeding analysts' projections. This bolstered investor confidence in the economy, potentially leading to a Federal Reserve interest rate hike.

The prospect of higher interest rates could complicate matters for tech companies, as the buildout of data centers may face delays, threatening the spending spree that fueled the global bull market.