Wall Street Climbs as Jobs Report Eases Inflation Fears

Wall Street ended the week on a high note as the latest US jobs report eased concerns about rampant inflation. Employers added just 29,000 jobs in September, far fewer than economists predicted and a significant slowdown from August's 133,000. This softer-than-expected data calmed fears of an overheating economy, reducing the likelihood of a Federal Reserve interest rate hike later this month to less than 23%, down from 64% a week prior.

The S&P 500 rose 0.7%, pulling within 1% of its August record, while the Dow Jones Industrial Average gained 0.5% and the Nasdaq composite climbed 1.2%. The Australian sharemarket is also set to open higher, with futures pointing to a 0.3% gain. The Australian dollar was trading at US69.56¢.

Market sentiment improved as bond yields eased, with the 10-year Treasury yield briefly dropping below 5.17% before recovering to 5.28%. Lower yields make borrowing more affordable, supporting economic growth. However, global debt concerns, particularly in France, continue to keep yields elevated. Oil prices also fluctuated, settling at $102.25 per barrel for Brent crude.

Individual stocks saw significant moves, with Tesla surging 4.7% after reporting stronger-than-expected vehicle deliveries. Nvidia's 1.3% rise was the biggest driver of the S&P 500's gains, while Nike fell 3.6% despite a better-than-expected profit, as revenue and forecasts disappointed.