Archive · 3 Oct 2026
Nasdaq Reaches Intraday Record as Softer Jobs Cool Rate Bets
U.S. stocks went up on Friday, and the Nasdaq reached a record during the day.
A government report said employers added 29,000 jobs last month, fewer than economists expected.
Earlier job totals were also revised lower.
This made investors less likely to expect the Federal Reserve to raise interest rates later in October.
Lower interest rates can make borrowing cheaper and stocks more appealing.
Technology companies and Tesla helped lift the market.
Nike shares fell after it warned about weaker revenue, while some hard-drive companies also dropped.
Investors were still concerned about inflation, government debt and uncertain oil prices.
U.S. employers added 29,000 jobs last month, below economists’ 90,000 estimate, and prior-month hiring figures were revised lower.
U.S. stocks rose Friday; the Nasdaq reached an intraday record, while the S&P 500 traded near its August record.
Rate-hike estimates for the Federal Reserve’s October meeting fell after the jobs report, though reported probabilities varied by source and timing.
Treasury yields moved lower before rebounding, and oil prices fluctuated as investors weighed economic and geopolitical uncertainties.
Technology shares and Tesla supported gains, while Nike, Western Digital and Seagate fell on company news and a report about Toshiba’s hard-drive plans.
- Who
- Investors, U.S. employers, the Federal Reserve and publicly traded companies including Nvidia, Tesla and Nike.
- What
- U.S. stocks advanced after weaker jobs data reduced expectations of an October Federal Reserve rate increase; the Nasdaq reached an intraday record.
- When
- Friday, October 2; the articles do not specify the year.
- Where
- U.S. financial markets, including New York.
- Why
- The weaker-than-expected employment report eased concerns that strong economic growth could add to inflation and prompted traders to lower rate-hike expectations.
Reasons for optimism
Reasons for caution
Jobs report and interest rates
Reasons for optimism
Weaker hiring reduced the perceived likelihood of an October rate increase, supporting stocks and rate-sensitive shares.
Reasons for caution
The report also raised concern about the economy; an investor described the market mood as cautious optimism.
Market gains
Reasons for optimism
The Nasdaq reached an intraday record, and technology shares and small-cap stocks advanced.
Reasons for caution
The Dow and S&P 500 were still on track for a fourth weekly decline in five, according to Reuters.
Yields and oil
Reasons for optimism
Treasury yields fell at first, and some reports described oil prices as lower, factors that can support stocks.
Reasons for caution
Yields later rebounded and oil prices were volatile; reports differed on oil’s direction and level at their respective reporting times.
- Jobs added
- 29,000 last month, compared with a Reuters-poll estimate of 90,000
- Prior hiring
- The previous two months’ payroll counts were revised sharply lower; August hiring was reported at 133,000
- Nasdaq Composite
- Closed at 27,190.86 in the Associated Press account; Reuters reported 27,179.15 in its afternoon update
- S&P 500
- Closed at 7,722.72 in the Associated Press account; Reuters reported 7,720.44 in its afternoon update
- October rate-hike odds
- Reports gave different estimates, including 23.8% in Reuters and below 23% in the Associated Press account; another account cited roughly 20%
- Treasury yields
- The 10-year yield briefly fell below 5.17%, then rebounded; reports cited levels between 5.24% and 5.28% later
- Notable share moves
- Tesla rose after reporting 486,532 quarterly deliveries; Nike fell 3.6% in one account and 4.5% in Reuters
