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Happy Friday. Stocks were rising, with Treasury yields and oil prices easing, as Wall Street digested a key jobs report.
September’s nonfarm payrolls report showed U.S. employers added 29,000 jobs, less than expected, while the unemployment rate rose to 4.2%. The Dow Jones consensus called for job growth of 84,000 and for the unemployment rate to hold steady at 4.1%.
Treasury yields tumbled Friday after the weaker-than-expected jobs report, as investors reassessed the outlook for a Federal Reserve rate hike this month.
Nike (NKE) tumbled 10.40% in premarket trading Friday, falling for a second straight day after the company reported falling revenue and plans to lay off staff in 2027.
Meanwhile, President Donald Trump has sent 9,000 U.S. troops to the Middle East after warning that new strikes against Iran could be on the horizon.
Markets finished slightly higher Thursday, kicking off the new month with modest gains.
“Wall Street closed flat following a see-sawing session driven by bond market volatility and another jump in oil prices,” Kyle Rodda, senior financial market analyst with Capital.com, said.
“Long-term yields clocked up fresh multidecade highs in the U.S., with the move compounded by ISM Manufacturing data that revealed building cost pressures in the U.S. economy.”
Rodda added that the levels were short-lived, “with a retracement in yields taking the foot off the throat of the market.”
“But upside risks remain, especially after the jump in oil prices,” he said. “Though flow out of the Middle East, at least for crude, is normalizing, upward pressure on prices continues as geopolitical risk persists.”
“That risk premium increased last night off the back of reports the U.S. could be preparing to deploy another aircraft carrier and 10,000 troops to the Gulf.”
After solid private payrolls and jobless claims numbers this week, Rodda said the ultimate question is whether the labor market remains little impediment to future rate rises.
“The odds of a Fed hike this month have receded in recent days, largely due to dovish Fed speak, mild inflation data and the burgeoning view that the central bank won’t hike before highly charged midterm elections,” he said. “But a hike is considered a matter of when and not if, with a rate rise baked in for before the end of the year.”
This story was originally published by TheStreet on Oct 2, 2026, where it first appeared in the Stock Market Today section. Add TheStreet as a Preferred Source by clicking here.
