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Stock market today: Dow, S&P 500, Nasdaq jump as traders pare Fed rate-hike bets after September jobs miss


US stock futures surged as new payroll data for September showed that the US economy added far fewer jobs than Wall Street had expected.

The Dow Jones Industrial Average (^DJI) rose 0.7%, the S&P 500 (^GSPC) gained 0.9%, and the tech-heavy Nasdaq Composite (^IXIC) surged 1.3% as Treasury yields and oil prices fell.

The 10-year Treasury yield (^TNX) moved lower to 5.18% following the jobs report. The 30-year yield (^TYX) dropped to 5.57%.

7,741.82 +75.37 (+0.98%)

As of 10:03:43 AM EDT. Market Open.

^GSPC ^IXIC ^DJI

The US added just 29,000 jobs in September, short of economists’ expectations of 90,000. The unemployment rate ticked up to 4.2%, according to Labor Department data released Friday. Economists had expected it to remain steady at 4.1%.

The data could play a role in whether the Fed decides to hike interest rates at its next meeting. Following the report, bond traders rushed to pare back bets of a Fed hike in October, seeing a 16% chance of a rate hike compared to 64% odds priced a week ago.

Fed officials, in recent days, have argued that the central bank has time to assess inflation data before moving, though they agree that inflation remains too high.

The ongoing war in the Middle East, now entering its eighth month, has driven much of the inflationary pressures. President Trump has said he’s considering resuming bombing Iran after the midterm elections but has also said he’s looking for a resolution of the war at that time. On Thursday, the US reportedly sent an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, Bloomberg reported.

Brent crude futures (BZ=F), the global benchmark, dropped to $99 per barrel.

LIVE 7 updates

  • David Hollerith

    Nasdaq leads US stocks higher after cool jobs print

    US stocks opened higher on Friday, led by tech stocks, after Labor Department data showed a cooler-than-expected jobs market that broadly held up in September, easing pressure on the Fed to raise rates further later this month.

    The Dow Jones Industrial Average (^DJI) rose 0.5%, the S&P 500 (^GSPC) rose by 0.7%, while the tech-heavy Nasdaq Composite (^IXIC) rose 1.2%. 

    51,216.88 +290.32 (+0.57%)

    As of 10:03:43 AM EDT. Market Open.

    ^DJI ^GSPC ^IXIC

    The US economy added 29,000 jobs in September, with unemployment rising to 4.2%, according to the Labor Department’s Friday release. The figure, which was far less than the 85,000 economists surveyed by Bloomberg expected, comes after a surprisingly large number of jobs were created in August. 

    The 10-year Treasury yield (^TNX) moved lower to 5.18% following the jobs report. The 30-year yield (^TYX) dropped to 5.57%.

    Investors are seeing the cooler-than-expected report as supporting the case that the Federal Reserve may not need to raise interest rates at its upcoming October policy meeting.

  • David Hollerith

    US added 29,000 jobs as September labor market cooled

    Fresh jobs data released Friday showed the US labor market unexpectedly cooled in September.

    The US economy added 29,000 jobs in September, with unemployment rising to 4.2%, according to the Labor Department’s Friday release. The print, which was about 55,000 less than economists expected, follows a surprisingly large number of jobs created in August. 

    The lower but still positive monthly job creation numbers reinforce that the market is moving back toward the ‘low hire, low fire” environment that has defined much of the past two years. It may also signal that the Federal Reserve has time to wait on its interest rate hiking campaign.

  • Claire Boston

    September’s jobs report is expected to show a labor market that’s holding steady

    Key jobs data due out Friday is expected to show a job market that’s broadly holding up, even though a repeat of August’s blockbuster figures is unlikely.

    Economists surveyed by Bloomberg expect the latest Labor Department data to show that the US added 85,000 jobs in September, far below August’s surprisingly large gain of 162,000 roles. The unemployment rate is expected to remain at 4.1% for a third straight month.

    A return to lower but still positive job creation would bring the market back in line with the “low hire, low fire” environment that has defined much of the past two years. It would also be a sign that the Federal Reserve’s interest rate hiking plans haven’t stalled hiring.

    Read more.

  • Nike earnings weigh on sportswear brand stocks for Lululemon, On, and Hoka

    Nike’s (NKE) rough quarter — as detailed in Ines’s post below — is weighing on shares of other footwear brands.

    Shares of Nike rivals Lululemon (LULU), On (ONON), and Hoka maker Deckers Outdoor (DECK) all dropped fractionally in premarket trading on Friday while the major indexes were in the green.

    As Yahoo Finance’s Brian Sozzi reports, Nike CEO Elliott Hill’s comments on the earnings call yesterday afternoon indicated that the weak sportswear market will continue in the medium term, which could pressure the whole sector to discount products.

    Read more.

  • Ines Ferré

    Nike stock sinks as revenue misses estimates, expects to cut jobs

    Nike (NKE) stock fell as much as 6% in after-hours trading on Thursday after posting its fiscal first quarter results and announcing operational changes, which will include layoffs.

    Nike posted fiscal first quarter revenue of $11.21 billion, versus consensus estimates of $11.33 billion. That represented a 4% decline from the year-earlier period.

    Earnings per share came in at $0.48, down from $0.49 a year ago.

    The company said revenues are expected to decline in the high single digits in fiscal 2027. Nike’s gross margin, however, expanded 60 basis points to 42.8%.

    The company also announced operational changes in order to reduce costs and operate more efficiently.

    “This work will result in fewer roles across Nike, and I want to acknowledge that news like this creates uncertainty. I don’t take that lightly,” wrote CEO Elliott Hill in a letter to employees.

    Read more.

  • Good morning. Here’s what’s happening today.

    Economic data: Change in nonfarm payrolls, September (+100,000 expected, +162,000 previously); Change in private payrolls, September (+90,000 expected, +127,000 previously); Change in manufacturing payrolls, September (+10,000 expected, +16,000 previously); Average hourly earnings, month-on-month, September (+0.3% expected, +0.3% previously); Average hourly earnings, year-on-year, September (+3.2% expected, +3.1% previously); Unemployment rate, September (4.1% expected, 4.1% previously); Labor force participation rate, September (61.6% previously); Factory orders, August (-0.1% expected, +0.9% previously)

    Earnings calendar: Trilogy Metals (TMQ)

    Catch up on some top stories from overnight:

    Treasuries rebound raises stakes for job data as rate hikes loom

    Oil extends gain as Middle East conflict threatens to escalate

    Gold steadies as easing US bond yields reduce rate-hike bets

    Meta asked to pay up to $40B in penalties after data privacy trial

    Anthropic reportedly looking to IPO as early as mid-November

  • Gold steadies as easing US bond yields reduce rate-hike bets

    Bloomberg reports:

    Gold held a modest gain as US bond yields softened and Federal Reserve officials signaled they needed more time to weigh their next move on interest rates, even as a possible escalation in the Middle East kept energy costs elevated.

    Bullion traded around $4,180 an ounce, holding a 0.5% rise from the previous session, but was on track to end the week around 2% lower. US Treasury yields eased across the curve on Thursday — with the 10-year retreating from a 24-year high — as concerns over France’s fiscal outlook fueled demand for safe-haven assets. Higher yields are typically a headwind for bullion, which doesn’t pay interest, and helped drive its 6% decline in September.

    Read more.



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