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Business News›Markets›US Stocks›Wall St Guide›Dow Jones| Nasdaq | US Stock Market Today | Live: Nasdaq rises 1% after softer jobs data eases rate hike bets LIVE BLOG Nasdaq rises over 1% to hit record on softer jobs data Synopsis US stocks advanced on Friday to close out the trading week after weaker-than-expected jobs data dampened expectations for a rate hike from the Federal Reserve at its policy meeting this month. Dow Jones Today | Nasdaq | S&P 500 Live Updates: The S&P 500 gained 57.93 points, or 0.76%, to end at 7,724.38 points, while the Nasdaq Composite gained 319.73 points, or 1.19%, to 27,191.33. The Dow Jones Industrial Average rose 260.15 points, or 0.51%, to 51,186.71. The Labor Department said nonfarm payrolls increased by 29,000 jobs last month, with the count for the prior two months also revised sharply lower, and well below the 90,000 estimate of economists polled by Reuters. The weaker-than-anticipated data pulled down expectations for a rate hike of at least 25 basis points from the Fed at its meeting at the end of October to 22.7%, according to CME FedWatch, from 24.4% in the prior session and 64.2% a week earlier. Show more 1 New Update US stocks advanced on Friday to close out the trading week after weaker-than-expected jobs data dampened expectations for a rate hike from the Federal Reserve at its policy meeting this month. According to preliminary data, the S&P 500 gained 57.93 points, or 0.76%, to end at 7,724.38 points, while the Nasdaq Composite gained 319.73 points, or 1.19%, to 27,191.33. The Dow Jones Industrial Average rose 260.15 points, or 0.51%, to 51,186.71. Read More The US Justice Department is not reopening a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank's building renovation project, Attorney General Todd Blanche told Bloomberg News on Friday. Blanche did not rule out continuing to look into the project's oversight and potentially take action if evidence of wrongdoing came to light, the report added. A trade organization representing community banks sued a US bank regulator Friday, claiming that its decision to grant limited bank charters to firms that primarily engage in crypto products exceeds its regulatory authority. The Independent Community Bankers of America filed the suit in the US District Court for the District of Columbia, saying the Office of the Comptroller of the Currency must revoke a recent rule and related guidance smoothing the way for crypto firms to apply for national trust bank charters. The group argued granting such charters to crypto firms grants legitimacy but without sufficient safeguards. Megacap stocks helped lead the advance, with Nvidia and Tesla the biggest boosts to the S&P 500. Tesla's gains helped lift the S&P 500 consumer discretionary index more than 1% as the best-performing of the 11 major S&P sectors. The Federal Aviation Administration said Friday a panel of experts determined a software glitch in some Boeing 737 MAX flight computers does not pose safety concern, clearing the way for approval of a larger version of the best-selling narrowbody airplane. The FAA said the determination was based on the fact "pilots retain full control of the aircraft and the indications to the flight crew are clear and unambiguous." The FAA said earlier this week it was delaying certification of the MAX 10 until it completed an analysis of the issue. Boeing shares jump 1.5%. Boeing shares jump 1.5%. Southern Glazer's, the largest US liquor distributor that carries name brands such as Bacardi and Smirnoff, has agreed not to charge small retailers significantly more than nearby chain stores to settle a US Federal Trade Commission case, a senior FTC official said on Friday. The FTC has ramped up its focus on affordability issues this year as the midterm elections approach. The agency is considering a new rule to bar misleading grocery and food delivery fees and probing personalized pricing practices. The Southern Glazer's settlement is aimed at leveling the playing field between independent stores and bigger chains such as Walmart, Costco and Kroger, which the FTC alleged had received better prices. “This (payroll) report strengthens the case for the Federal Reserve to remain patient,” according to Adam Schickling, senior economist at Vanguard. “The labor market has not deteriorated sharply, but there is also little evidence that it has meaningfully strengthened, giving policymakers reason to wait for additional data.” Federal Reserve officials have gone quite a long way to offer strong signals into possible direction of interest rates despite chairman Kevin Warsh's strong reluctance to give any guidance whatsoever, and that has helped traders reassess their positions on the rate decision, according to a Bloomberg report. Fed Vice Chair Philip Jefferson and New York Fed President John Williams have in recent days suggested that policymakers believe the central bank has time to assess the economy before considering another increase. Read More The joint US-Ukrainian reconstruction investment fund has sealed its first critical minerals deal alongside four other new projects, one of its top US officials told Reuters. The fund, established as part of the minerals pact the two countries signed in April last year following a push by US President Donald Trump, is focused on five strategic sectors from minerals and defence to energy and infrastructure. Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the fund's projects now total around $70 million and showed Washington's support for Kyiv in the long-running war with Russia. The long-anticipated first minerals deal will inject roughly $30 million into a "joint investment platform" with BGV Group, a firm founded by Hennadii Butkevych, the billionaire co-owner of Ukraine's largest supermarket chain ATB. Coleman said it would initially focus on early-stage mining projects across Ukraine and target rare earths, uranium, beryllium and zirconium deposits. Amazon on Friday pledged more than $1 billion over five years for US communities that host its data centers, the latest tech giant seeking to win over residents increasingly hostile to the AI-fueled construction boom. The "Built Together" program, unveiled by Amazon Web Services chief Matt Garman in a 3,000-word blog post, will fund free community college degrees and trades training as well as energy-efficiency upgrades for schools and homes. The company also announced a "Data Center Commitment," promising that its facilities will not drive up local electricity bills and that it will publish annual figures on energy and water use. US Treasury yields reversed their earlier declines on Friday as investors digested September's weaker-than-expected jobs report, which reduced bets for Federal Reserve interest rate hikes. The yield on benchmark US 10-year notes rose 2.82 basis points to 5.262% after falling earlier to 5.1570%, which was its lowest level in a week. The 30-year bond yield rose 1.76 basis points to 5.6206% after dropping to 5.5523% after the jobs report. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 3.14 basis points to 4.818%. After the report it had fallen to 4.6934%, its lowest point in two weeks. US energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by one to 598 in the week to October 2, the lowest since mid-September. Baker Hughes said the total rig count was still up 49 rigs, or 9%, from this time last year. Baker Hughes said oil rigs rose by one to 456 this week, their highest since May 2025, while gas rigs fell by two to 133, their lowest since mid-September, and other miscellaneous rigs held at nine. Chicago Federal Reserve President Austan Goolsbee said on Friday on Fox Business Network's The Big Money show that he feels that the latest jobs data show the labor market is steady and that too-high inflation remains the Fed's bigger policy priority. "There is plenty of room for anything to be on the table," Goolsbee told Fox Business' Edward Lawrence, who asked if he felt the Fed ought to raise rates or pause this month as markets now expect. "Let's see if we can get some evidence put together that suggests we're headed back to 2% inflation." Aluminium premiums in Europe have jumped to their highest level in almost four months, with two industry sources attributing the jump to concerns that a potential cut in US tariffs on Canadian metal could leave the continent short of supply. The front-month COMEX European duty-paid aluminium premium , paid on top of benchmark London Metal Exchange aluminium prices for physical metal, rose to $574 a metric ton on Thursday, up 10% from the previous day and the highest since June 8, LSEG data showed on Friday. * The European premium has been rising in recent weeks on reports that US President Donald Trump's 50% tariff on aluminium imports could be halved to 25% for material from neighbouring Canada. * Talks between Washington and Ottawa collapsed in mid-August, but Trump said on Monday he thinks a trade deal with Canada will be made. * A tariff cut would allow more Canadian metal to flow to the US; EU imports of aluminium from Canada rose by 80% year on year in January-July to 269,839 tons as the bloc sought to make up for shortfalls from the war-hit Middle East. * While supply in Europe remains tight, the COMEX Japan aluminium premium, a reference price for the Asian market, has fallen by 35% since the end of July and this week hit $226 a ton, its lowest since mid-March. Biogen said on Friday its experimental drug showed durable improvement in skin symptoms among patients with a type of autoimmune disease in a mid-stage study. Here are some details: * Cutaneous lupus erythematosus (CLE) can cause painful rashes, sensitivity to sunlight, hair loss, skin discoloration and permanent scarring. There are no approved targeted treatments for the condition. * The company said 27.2% of participants who received the drug, litifilimab, from the beginning of the trial had clear or almost clear skin after one year, compared with 19% after 24 weeks. Here are some details: A tanker was struck by an unknown projectile while transiting outbound through the Strait of Hormuz, causing a small fire and a blackout onboard, the United Kingdom Maritime Trade Operations agency said on Friday. The fire was extinguished and no casualties or environmental damage were reported, UKMTO said. The dollar was on track for a fourth straight weekly gain against the euro on Friday, supported by elevated US Treasury yields amid a selloff in European government bond markets and expectations the Federal Reserve will maintain its hawkish interest rate stance. The greenback trimmed some of its recent gains after data showed US job growth in September fell short of economists' expectations and the unemployment rate edged up to 4.2%. Benchmark 10-year Treasury yields also slipped after the report and were last trading at 5.191%. The euro is on track for its fourth straight week of losses against the dollar, the longest such stretch since mid-May 2025. It was last up 0.39% at $1.1285. The dollar weakened 0.49% to 0.827 against the Swiss franc , but it is still on track for a sixth straight weekly gain — its longest stretch since November 2024. The greenback was also down 0.33% to 157.55 against the Japanese yen, but on track for its third straight weekly increase. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.29% to 101.68. It is set for its third straight weekly gain. "The charts still look fairly grim and (gold) could push lower still if the rate cycle resumes its ascent," Marex analyst Edward Meir said. "Gold bugs are perhaps refusing to get carried away for the time being, knowing that the Fed retains a hawkish bias," said Han Tan, chief market analyst at Bybit. "In the months ahead, much of gold's trajectory will depend on how much the Fed is willing to tolerate potential labor market weakness, with its eyes firmly set on subduing US inflation." Gold prices fell on Friday, reversing earlier gains, as a stronger dollar and elevated US Treasury yields weighed on the non-yielding metal, leaving it on track for a weekly decline. Spot gold fell 0.8% to $4,145.68 per ounce by 11:38 a.m. EDT (1538 GMT), and was down about 3.3% for the week so far. US gold futures were down 0.7% at $4,173.50. US stocks advanced on Friday, with the Nasdaq Composite hitting a record high, as softer-than-expected jobs data lowered expectations for an imminent Fed rate hike. Falling Treasury yields and oil prices further boosted investor risk appetite. The Dow Jones Industrial Average rose 306.78 points, or 0.60%, to 51,233.34, the S&P 500 gained 78.31 points, or 1.02%, to 7,744.76 and the Nasdaq Composite gained 447.84 points, or 1.66%, to 27,319.43. Nike shares fell 5.6% after forecasting a sharp annual revenue decline, announcing job cuts and restructuring its global business operations. Read More Airbus has announced a series of board changes including its first female chairperson and the first from outside its Franco-German power base, marking the beginning of crucial leadership decisions expected in the coming year. The European planemaker said late on Thursday that Spanish former energy executive Amparo Moraleda had taken over as chair of the board after being designated in April, succeeding Rene Obermann, who had already decided not to seek a new term. Obermann, whose mandate was to expire next April, had signalled his intention to stand down in April this year. A crackdown on Obamacare health insurance could raise prices for US consumers and insurers by removing healthy, low-cost enrollees, adding pressure to a shrinking marketplace. The 2010 Affordable Care Act created income-based government-subsidized health plans for individuals, with 19 million people now enrolled. Millions have dropped out this year as extra COVID-19 pandemic subsidies expired. The Trump administration now says fraud contributed to the growth. Vice President JD Vance said last week the government had removed 760,000 enrollees it believed did not exist or who had been fraudulently signed up by brokers and were unaware of their insurance coverage. Another 400,000 are under review. The government is also banning hundreds of brokers and will not accept new brokers, saying new brokers — who were paid a monthly fee for each enrollee — are often the ones who committed fraud. The changes could impact legitimate members who were simply not using their health plans because they were healthy, policy experts said. As the number of low-medical-use enrollees drops, a sicker mix of patients could eat into profits for insurers like UnitedHealth and Centene in the remaining months of 2026 and 2027, investors and analysts said. A $8.4 billion oil recovery project mentioned by US President Donald Trump is not part of a strategic investment agreement between the US and South Korea, Yonhap reported on Friday, citing an industry ministry official. The official said an inquiry has been sent to the US side through communication channels, according to the report. Trump said on Truth Social on Friday that a US trade deal with South Korea includes $8.4 billion for a project to pump gases into an aging oilfield to push out remaining crude. One of the largest Dutch eyewear retail chains said on Friday it had suspended sales of Meta's Ray-Ban smart glasses in the Netherlands and Belgium amid growing privacy concerns, in one of the first such moves by a retailer. "This decision follows the ongoing public and political debate surrounding smart glasses and the questions being raised about the conditions under which this technology can be used," a spokesperson for the Hans Anders chain said. A growing Dutch outcry over the glasses mirrors a broader backlash against smart glasses equipped with cameras. In Britain, pub chain Wetherspoon has restricted use of Meta's glasses over concerns about covert recording, while Meta and Luxottica face a US suit alleging videos captured by the glasses were viewed by human annotators without the knowledge of people filmed. As the premium investors demand to hold French 10-year bonds over safer Germany shot above 150 basis points on Friday, talk began to grow about how severe the selloff could become and whether neighboring countries can be shielded with the help of the European Central Bank. France's 10-year bond yield rose to near the 5% mark, hitting its highest since 2002. The premium investors demand to lend to France, rather than Germany, was set for its biggest weekly jump since at least 2007, with a rise of at least 40 basis points, according to LSEG data. For decades, US equity exchanges have hit the pause button every night, leaving markets shut for several hours. Come December, the lights will stay on much longer as the stock market shifts toward around-the-clock trading, Bloomberg reported. Nasdaq, NYSE Arca, 24X National Exchange and Cboe EDGX have crafted plans to add an overnight session from 9 p.m. to 4 a.m. in New York, on top of the regular hours and existing pre- and post-market periods they already operate. The expansion, set to take place on Dec. 6, seeks to capture growing demand from foreign investors while competing with crypto and prediction markets, which have upended traditional expectations of Wall Street’s operating hours. Ten out of 11 major sectors on the S&P 500 were trading higher, with consumer discretionary and the technology index leading the gains and the healthcare index being the only laggard. US stocks rose on Friday, pushing the Nasdaq Composite to a record high, after weaker-than-expected jobs data reduced odds of a near-term rate hike, driving Treasury yields lower, while lower oil prices added to the risk-on mood. At 10:14 a.m. ET, the Dow Jones Industrial Average rose 306.78 points, or 0.60%, to 51,233.34, the S&P 500 gained 78.31 points, or 1.02%, to 7,744.76 and the Nasdaq Composite gained 447.84 points, or 1.66%, to 27,319.43. Weaker-than-expected jobs growth in the US pushed traders to reduce bets on another interest rate hike by the Federal Reserve this year. The US economy added 29,000 jobs last month, the Labor Department reported, well below economists’ estimate of 90,000. Payroll growth for August was also revised lower, while the unemployment rate edged up to 4.2% from 4.1%. The employment data prompted traders to scale back expectations for another Fed rate increase. Interest-rate futures were pricing in less than a 20% chance of a hike at the Fed’s October meeting, down from more than 25% previously. Expectations for a December increase also eased, although markets still put the probability at nearly 90%. Brent crude oil price dropped below $100 after US President Donald Trump said Europe will release massive diesel reserves. Brent crude futures fell to $98.45 while WTI crude futures fell to $88.280. The Group of Seven nations are to release as much as 100 million barrels of emergency oil and diesel stocks after pressure from the Trump administration to quell rising fuel prices, Bloomberg reports. The release, being coordinated by the International Energy Agency, will take place over the next four months, Emmanuel Macron, France’s president told journalists in a briefing on Friday. He is also the current chair of the G7. The G7 would like to trigger a drop in fuel pries, he said. The decision came after the US floated the possibility of a debilitating diesel-export ban if European countries didn’t release more supplies. Such a move would threaten a crucial source of supply for the continent, which leans heavily on imports to cover a diesel-production shortfall. US natural gas futures held near a one-week low on Friday on forecasts for milder weather and lower demand over the next two weeks than previously expected. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 0.5 cents, or 0.2%, to $2.962 per million British thermal units (mmBtu), putting the contract on track for its lowest close since September 21. That also put the front-month down about 7% this week after it jumped about 10% last week. US President Donald Trump is expected to name Jay Clayton as his AI czar, CNN reported on Friday, citing two sources familiar with the discussion. Clayton is the US director of national intelligence. Amazon is investing $1 billion over the next five years into communities where it operates data centers for education, job training, water preservation projects and other local priorities as it reacts to a growing backlash from politicians and consumers to the tech industry's rollout of the massive centers. According to a blog post on Friday by Matt Garman, Amazon’s CEO of its cloud computing arm, Amazon has already spent more than $1 billion in communities with a large data center presence over the past three years. Nike shares fell over 8% to $32.18 at open on Friday after the company reported fall in revenue and forecast steeper-than-expected declines in sales and profit for the fiscal year ending in May 2028. When Nike brought Elliott Hill out of retirement in October 2024, investors hoped the company veteran would quickly reverse years of product missteps, rebuild relationships with wholesalers and restore the sportswear giant's lost momentum. Two years on, Nike's market value and earnings have more than halved, while many of the problems Hill was hired to fix - from weakness in China to over-reliance on discounted lifestyle products - continue to weigh on the business. The unfinished turnaround was on display again on Thursday when Nike announced another round of job cuts and forecast steeper-than-expected declines in sales and profit for the fiscal year ending in May 2028. Gold rose over 1% on Friday after weaker-than-expected US jobs data for September eased concerns about a Federal Reserve rate hike this month, although a stronger dollar and elevated Treasury yields kept bullion on track for a weekly loss. Spot gold rose 1.1% to $4,223.49 per ounce by 09:05 a.m. EDT (1305 GMT), but was down about 1.5% for the week so far. US gold futures gained 1.2% to $4,254.10. Paramount Skydance CEO David Ellison announced that upon closing his company's merger with Warner Bros Discovery next week, the combined entity will be named Skydance, CNBC reported on Friday. Wall Street's main indexes opened higher on Friday, as a softer-than-expected jobs report deepened prospects of an unchanged US rate this month, leading to a bigger drop in Treasury yields, while lower oil prices also boosted sentiment. At 09:30 a.m. ET, the Dow Jones Industrial Average rose 340.08 points, or 0.67%, to 51,266.64, the S&P 500 gained 68.27 points, or 0.89%, to 7,734.72, while the Nasdaq Composite gained 341.47 points, or 1.27%, to 27,216.91 at the opening bell. U.S. Treasury yields fell on the news of slower jobs growth. The 2-year Treasury yield, most sensitive to the market's expectations of Fed rate action, fell 6 basis points to 4.725%. The 10-year Treasury yield fell 5 basis points to 5.182%. The 30-year yield was down 3 basis point to 5.573%. Rate-hike expectations for this month's meeting fell as low as 12% before ticking back up to a recent 19%. Major U.S. indexes rose modestly after the report. Futures tracking the S&P 500 were up 0.9% and those tracking the Nasdaq composite were up 1.3% after jobs growth slowed more than expectations. Tesla beat Wall Street estimates for third-quarter deliveries on Friday, as sales in Europe recovered from last year's slump and made up for weaker demand in the electric-vehicle maker's two biggest markets, the US and China. The company delivered 486,532 vehicles in the July-September period, compared with analysts' average estimate of 456,896 vehicles, according to data compiled by Visible Alpha. The rebound in Europe partially offset the hit to demand from the loss of US tax incentives last year and tougher competition in China. Demand looked strong going into the quarter as finance chief Vaibhav Taneja said in July Tesla "exited Q2 with our largest order backlog since 2023." The euro was set for a fourth straight weekly fall against the US dollar, its steepest decline in around four months, as concerns about France's fiscal trajectory and the Federal Reserve's hawkish shift in mid-September weighed on sentiment. After falling a sharp 0.77% on Thursday, the euro was broadly stable on Friday as oil prices dropped on talks over diesel and crude stock releases. The single currency was down 0.05% to $1.1240 at 1127 GMT, and was on track for a 1.35% weekly fall, the biggest since mid-May. The dollar often draws support from higher oil prices, as investors cut exposure to currencies of major energy importers such as the euro and yen, which are seen as more vulnerable to a rise in crude costs. The dollar index, which measures the US currency against six rivals, was down 0.1% at 102.03, but was set for a 1.01% gain this week, its third consecutive rise. US job growth slowed more than expected in September. Nonfarm payrolls increased by 29,000 jobs last month after a downwardly revised 133,000 rise in August, the Labor Department's closely watched employment report showed on Friday. Economists polled by Reuters had forecast payrolls advancing 90,000 after a previously reported 162,000 surge in August. Volatility linked to seasonal adjustment factors, the model the government uses to strip out seasonal fluctuations from the data, probably accounted for both the meager payroll gains last month and the downward revision to August's count. The unemployment rate increased to a still-low 4.2% last month from 4.1% in August. The unemployment rate is being kept low as retirements and the Trump administration's immigration crackdown reduce labor supply. An OPEC+ review to help to determine members’ 2027 oil output quotas has been delayed after the US-Israeli war on Iran disrupted projects to expand capacity across the Middle East, throwing estimates of future production potential into uncertainty, said two sources close to the matter. OPEC+, which comprises the Organization of the Petroleum Exporting Countries plus Russia and other allies, had ordered its production capacity review for all members in late 2025 before setting 2027 quotas, with completion due by the end of September 2026. The deadline has slipped, the sources said, with one saying the review is now expected to be completed by mid-November. At its last group-wide meeting in June, OPEC said it affirmed "the importance of completing the maximum sustainable production capacity (MSC) assessment for all (member) countries to be used as reference for 2027 production baselines". China's antitrust regulator has asked Anglo American to commit to supply the country with a steady flow of copper concentrate as a condition for approving its proposed $54 billion merger with Canada's Teck Resources, three people aware of the development said. The demand reflects China's struggle to feed its vast copper smelting industry, which refines up to 60% of the world's copper cathodes but faces its worst feedstock shortage in decades. Chinese refined copper output is expected to grow at its slowest pace since at least 2000 this year as smelters compete for raw material, while falling prices for byproduct sulphuric acid squeeze profitability, analysts said. French President Emmanuel Macron will chair a video call with his counterparts from the G7 from 2.30 pm local time (12.30 pm GMT) to discuss possible measures on the world markets for crude and refined products, the Elysee Palace said in a statement. Macron has spoken with U.S. President Donald Trump and Canada Prime Minister Mark Carney in two separate calls overnight on the issue. France has asked its EU partners to release additional diesel stockpiles, in response to U.S. pressure on European nations to unleash more supplies in an attempt to reduce surging fuel prices, a source familiar with details of the discussion told Reuters on Friday. Standard Chartered expects the European Central Bank to raise its deposit rate by 25 basis points to 2.75% in December, reversing its previous call for a pause, after stronger-than-expected inflation and resilient economic activity reinforced the case for further tightening. The brokerage changed its forecast after euro zone inflation accelerated more than expected in September, driven largely by higher energy prices, while recent business activity data pointed to a more resilient economy than previously anticipated. Major Wall Street banks have broadly coalesced around expectations for another ECB rate hike in December. US stock index futures advanced on Friday as Treasury yields retreated, driven by reduced odds of a rate increase this month, and softer oil prices steadied investor sentiment ahead of a closely watched jobs report. At 06:46 a.m. ET, Dow E-minis were up 259 points, or 0.51%, and S&P 500 E-minis were up 37 points, or 0.48%. Nasdaq 100 E-minis were up 223.25 points, or 0.73%. Nike fell 10.7% after the US sportswear company forecast a surprise steep drop in annual revenue due to weakness in China, announced job cuts and decided to shake up its global business divisions. The U.S. military is deploying thousands of troops aboard a group of ships, including a third aircraft carrier, to the Middle East, according to a U.S. official on Thursday, after Trump on Wednesday threatened to “blow them up” or make a deal, referring to Iran, in an exchange with reporters. Investors and traders are monitoring closely the U.S. monthly jobs report for Septembe
Business News›Markets›US Stocks›Wall St Guide›Dow Jones| Nasdaq | US Stock Market Today | Live: Nasdaq rises 1% after softer jobs data eases rate hike bets LIVE BLOG Nasdaq rises over 1% to hit record on softer jobs data Synopsis US stocks advanced on Friday to close out the trading week after weaker-than-expected jobs data dampened expectations for a rate hike from the Federal Reserve at its policy meeting this month. Dow Jones Today | Nasdaq | S&P 500 Live Updates: The S&P 500 gained 57.93 points, or 0.76%, to end at 7,724.38 points, while the Nasdaq Composite gained 319.73 points, or 1.19%, to 27,191.33. The Dow Jones Industrial Average rose 260.15 points, or 0.51%, to 51,186.71. The Labor Department said nonfarm payrolls increased by 29,000 jobs last month, with the count for the prior two months also revised sharply lower, and well below the 90,000 estimate of economists polled by Reuters. The weaker-than-anticipated data pulled down expectations for a rate hike of at least 25 basis points from the Fed at its meeting at the end of October to 22.7%, according to CME FedWatch, from 24.4% in the prior session and 64.2% a week earlier. Show more 1 New Update US stocks advanced on Friday to close out the trading week after weaker-than-expected jobs data dampened expectations for a rate hike from the Federal Reserve at its policy meeting this month. According to preliminary data, the S&P 500 gained 57.93 points, or 0.76%, to end at 7,724.38 points, while the Nasdaq Composite gained 319.73 points, or 1.19%, to 27,191.33. The Dow Jones Industrial Average rose 260.15 points, or 0.51%, to 51,186.71. Read More The US Justice Department is not reopening a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank's building renovation project, Attorney General Todd Blanche told Bloomberg News on Friday. Blanche did not rule out continuing to look into the project's oversight and potentially take action if evidence of wrongdoing came to light, the report added. A trade organization representing community banks sued a US bank regulator Friday, claiming that its decision to grant limited bank charters to firms that primarily engage in crypto products exceeds its regulatory authority. The Independent Community Bankers of America filed the suit in the US District Court for the District of Columbia, saying the Office of the Comptroller of the Currency must revoke a recent rule and related guidance smoothing the way for crypto firms to apply for national trust bank charters. The group argued granting such charters to crypto firms grants legitimacy but without sufficient safeguards. Megacap stocks helped lead the advance, with Nvidia and Tesla the biggest boosts to the S&P 500. Tesla's gains helped lift the S&P 500 consumer discretionary index more than 1% as the best-performing of the 11 major S&P sectors. The Federal Aviation Administration said Friday a panel of experts determined a software glitch in some Boeing 737 MAX flight computers does not pose safety concern, clearing the way for approval of a larger version of the best-selling narrowbody airplane. The FAA said the determination was based on the fact "pilots retain full control of the aircraft and the indications to the flight crew are clear and unambiguous." The FAA said earlier this week it was delaying certification of the MAX 10 until it completed an analysis of the issue. Boeing shares jump 1.5%. Boeing shares jump 1.5%. Southern Glazer's, the largest US liquor distributor that carries name brands such as Bacardi and Smirnoff, has agreed not to charge small retailers significantly more than nearby chain stores to settle a US Federal Trade Commission case, a senior FTC official said on Friday. The FTC has ramped up its focus on affordability issues this year as the midterm elections approach. The agency is considering a new rule to bar misleading grocery and food delivery fees and probing personalized pricing practices. The Southern Glazer's settlement is aimed at leveling the playing field between independent stores and bigger chains such as Walmart, Costco and Kroger, which the FTC alleged had received better prices. “This (payroll) report strengthens the case for the Federal Reserve to remain patient,” according to Adam Schickling, senior economist at Vanguard. “The labor market has not deteriorated sharply, but there is also little evidence that it has meaningfully strengthened, giving policymakers reason to wait for additional data.” Federal Reserve officials have gone quite a long way to offer strong signals into possible direction of interest rates despite chairman Kevin Warsh's strong reluctance to give any guidance whatsoever, and that has helped traders reassess their positions on the rate decision, according to a Bloomberg report. Fed Vice Chair Philip Jefferson and New York Fed President John Williams have in recent days suggested that policymakers believe the central bank has time to assess the economy before considering another increase. Read More The joint US-Ukrainian reconstruction investment fund has sealed its first critical minerals deal alongside four other new projects, one of its top US officials told Reuters. The fund, established as part of the minerals pact the two countries signed in April last year following a push by US President Donald Trump, is focused on five strategic sectors from minerals and defence to energy and infrastructure. Conor Coleman, head of investments at the US International Development Finance Corporation (DFC), said the fund's projects now total around $70 million and showed Washington's support for Kyiv in the long-running war with Russia. The long-anticipated first minerals deal will inject roughly $30 million into a "joint investment platform" with BGV Group, a firm founded by Hennadii Butkevych, the billionaire co-owner of Ukraine's largest supermarket chain ATB. Coleman said it would initially focus on early-stage mining projects across Ukraine and target rare earths, uranium, beryllium and zirconium deposits. Amazon on Friday pledged more than $1 billion over five years for US communities that host its data centers, the latest tech giant seeking to win over residents increasingly hostile to the AI-fueled construction boom. The "Built Together" program, unveiled by Amazon Web Services chief Matt Garman in a 3,000-word blog post, will fund free community college degrees and trades training as well as energy-efficiency upgrades for schools and homes. The company also announced a "Data Center Commitment," promising that its facilities will not drive up local electricity bills and that it will publish annual figures on energy and water use. US Treasury yields reversed their earlier declines on Friday as investors digested September's weaker-than-expected jobs report, which reduced bets for Federal Reserve interest rate hikes. The yield on benchmark US 10-year notes rose 2.82 basis points to 5.262% after falling earlier to 5.1570%, which was its lowest level in a week. The 30-year bond yield rose 1.76 basis points to 5.6206% after dropping to 5.5523% after the jobs report. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 3.14 basis points to 4.818%. After the report it had fallen to 4.6934%, its lowest point in two weeks. US energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by one to 598 in the week to October 2, the lowest since mid-September. Baker Hughes said the total rig count was still up 49 rigs, or 9%, from this time last year. Baker Hughes said oil rigs rose by one to 456 this week, their highest since May 2025, while gas rigs fell by two to 133, their lowest since mid-September, and other miscellaneous rigs held at nine. Chicago Federal Reserve President Austan Goolsbee said on Friday on Fox Business Network's The Big Money show that he feels that the latest jobs data show the labor market is steady and that too-high inflation remains the Fed's bigger policy priority. "There is plenty of room for anything to be on the table," Goolsbee told Fox Business' Edward Lawrence, who asked if he felt the Fed ought to raise rates or pause this month as markets now expect. "Let's see if we can get some evidence put together that suggests we're headed back to 2% inflation." Aluminium premiums in Europe have jumped to their highest level in almost four months, with two industry sources attributing the jump to concerns that a potential cut in US tariffs on Canadian metal could leave the continent short of supply. The front-month COMEX European duty-paid aluminium premium , paid on top of benchmark London Metal Exchange aluminium prices for physical metal, rose to $574 a metric ton on Thursday, up 10% from the previous day and the highest since June 8, LSEG data showed on Friday. * The European premium has been rising in recent weeks on reports that US President Donald Trump's 50% tariff on aluminium imports could be halved to 25% for material from neighbouring Canada. * Talks between Washington and Ottawa collapsed in mid-August, but Trump said on Monday he thinks a trade deal with Canada will be made. * A tariff cut would allow more Canadian metal to flow to the US; EU imports of aluminium from Canada rose by 80% year on year in January-July to 269,839 tons as the bloc sought to make up for shortfalls from the war-hit Middle East. * While supply in Europe remains tight, the COMEX Japan aluminium premium, a reference price for the Asian market, has fallen by 35% since the end of July and this week hit $226 a ton, its lowest since mid-March. Biogen said on Friday its experimental drug showed durable improvement in skin symptoms among patients with a type of autoimmune disease in a mid-stage study. Here are some details: * Cutaneous lupus erythematosus (CLE) can cause painful rashes, sensitivity to sunlight, hair loss, skin discoloration and permanent scarring. There are no approved targeted treatments for the condition. * The company said 27.2% of participants who received the drug, litifilimab, from the beginning of the trial had clear or almost clear skin after one year, compared with 19% after 24 weeks. Here are some details: A tanker was struck by an unknown projectile while transiting outbound through the Strait of Hormuz, causing a small fire and a blackout onboard, the United Kingdom Maritime Trade Operations agency said on Friday. The fire was extinguished and no casualties or environmental damage were reported, UKMTO said. The dollar was on track for a fourth straight weekly gain against the euro on Friday, supported by elevated US Treasury yields amid a selloff in European government bond markets and expectations the Federal Reserve will maintain its hawkish interest rate stance. The greenback trimmed some of its recent gains after data showed US job growth in September fell short of economists' expectations and the unemployment rate edged up to 4.2%. Benchmark 10-year Treasury yields also slipped after the report and were last trading at 5.191%. The euro is on track for its fourth straight week of losses against the dollar, the longest such stretch since mid-May 2025. It was last up 0.39% at $1.1285. The dollar weakened 0.49% to 0.827 against the Swiss franc , but it is still on track for a sixth straight weekly gain — its longest stretch since November 2024. The greenback was also down 0.33% to 157.55 against the Japanese yen, but on track for its third straight weekly increase. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.29% to 101.68. It is set for its third straight weekly gain. "The charts still look fairly grim and (gold) could push lower still if the rate cycle resumes its ascent,"
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