Finance

The U.S. economy added just 29,000 nonfarm payroll jobs in September, falling drastically short of Wall Street estimates of roughly 84,000 to 90,000. Additionally, the unemployment rate unexpectedly increased to 4.2% while wage growth slowed to 0.1%. Financial markets responded favorably to the sluggish data as it scaled back expectations for near-term interest rate increases from the central bank.

U.S. government bond yields pulled back after hitting multi-decade highs earlier in the week, easing significant pressure on equities. The 10-year Treasury yield cooled toward 5.25% after touching 5.34% on Thursday, its highest point since 2002. Short-term borrowing costs also dropped, with the 2-year yield slipping down to 4.7% following the disappointing monthly employment narrative.

The digital asset space continues to see positive momentum, with the Bitwise 10 Large Crypto Index climbing 3% over the week. Bitcoin and Ether prices rose by 3% and 2% respectively, leaving the average investor profitable as Bitcoin trades above multiple investor cost-basis estimates. Market leverage is showing signs of recovery through expanding futures open interest, although positioning remains below historical extremes.