Soft Jobs Report Triggers Reassessment of Fed Rate Hikes

The September US jobs report fell short of expectations, with nonfarm payrolls rising by only 29K, well below the estimated 90K. The unemployment rate also climbed to 4.2%, a sign that the labor market may be cooling.

This unexpected development has sparked hopes among traders that the Federal Reserve will pause its interest rate hikes after September's increase. The weaker jobs report has eased pressure from high Treasury yields, with the 10-year yield dropping to around 5.33% - a 2002 high.

Nvidia led the charge in the stock market, hitting a fresh all-time high and crossing a $5.7 trillion market cap. Other tech stocks, such as AMD, also reached new record peaks.