US Jobs Report Sparks Concerns as S&P 500 Bounces Off Uptrend Line

The US jobs report released in September showed employment growth slowing to around 90,000 from 162,000 in August, while unemployment remained at 4.1%. This has led to concerns about the Federal Reserve's next policy move.

The US Treasury yield briefly climbed to 5.34%, its highest level since 2002, before retreating towards 5.25%. Higher oil prices, persistent inflation concerns, and fiscal pressures continue to weigh on global bond markets.

The S&P 500 tested but managed to bounce off its March-to-October uptrend line at 7,617. This remains a crucial support level for the index, with a potential revisit of the 7,750-to-7,780 region if it breaks above this point.