US stocks rise as hiring slows
The U.S. labor market slowdown in September, as evidenced by the jobs report showing only 29,000 new jobs added and the unemployment rate rising to 4.2%, led to decreased expectations of interest rate hikes and eased market fears. This supported a rise in U.S. stocks, with the S&P 500 climbing 0.8% and the Nasdaq increasing 1.2%. Despite these daily gains, stocks posted a negative weekly performance amid rising long-term bond yields due to inflation and fiscal deficit concerns. Meanwhile, corporate earnings were announced, with Tesla shares rising 4.7% on strong deliveries, while Nike declined 3.6% following poor financial results. Annual inflation remains at 3.4%, above the Federal Reserve’s target, signaling the potential risk of stagflation.
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