US Labor Market Adds Just 29,000 Jobs as Fed Hike Bets Slump
The US economy added just 29,000 jobs in September, significantly below the expected 90,000. The unemployment rate rose to 4.2%, and the weak data led traders to scale back bets on a Federal Reserve interest rate hike in October.
Despite the disappointing labor market numbers, all three major US stock indexes rallied, with the Nasdaq up more than 1.3% and Nvidia hitting a fresh record high after its market cap returned to $5.7 trillion.
The unexpected weakness in the jobs report also triggered a sharp decline in oil prices, which fell over 3%. The EU proposed releasing a combined 100 million barrels of diesel and crude reserves to respond to US pressure.
Meanwhile, Broadcom plans to raise $60 billion in AI chip financing, and Anthropic is expected to IPO before Thanksgiving. The company's listing could happen as early as mid-November, with trading potentially starting before the holiday on November 26.