US Job Market Slowdown Eases Inflation Concerns
The US job market has shown signs of slowing down, with employers adding fewer jobs than expected in September. The labor market's growth has eased concerns about inflation and its potential impact on the economy.
The S&P 500 rose 0.7% and pulled within 1% of its record set in August. The Dow Jones Industrial Average added 250 points, or 0.5%, and the Nasdaq composite gained 1.2%. The Australian sharemarket is set to rise, with futures on Saturday pointing to a gain of 26 points, or 0.3%, at the open.
Traders now see less than a 23% probability of the Federal Reserve hiking its main interest rate at its next meeting later this month, down from 64% a week ago. This has helped calm what's been a rattled bond market, with the yield on the 10-year Treasury briefly dropping below 5.17%.