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Job slowdown reduces rate concerns and lifts US stocks
The U.S. labor market slowed down in September, with the economy adding only 29,000 jobs and the unemployment rate rising to 4.2%. This led to reduced expectations of interest rate hikes and allowed the U.S. stock markets to rise; the S&P 500 index increased by 0.8%, while the Nasdaq reached a record high. Meanwhile, the bond market experienced a sharp sell-off, causing yields on 10- and 30-year Treasury bonds to reach their highest levels in over two decades. On the corporate front, Tesla's stock rose by 4.7% thanks to strong earnings, while Nike's stock dropped by 3.6% following weak financial results. Annual inflation remains above the target at 3.4%.
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