Finance

The 10-year Treasury yield hovered around 5.30%, continuing to trade near multi-year highs. This persistence highlights an unusual divergence for equities, where growth stocks are rallying due to softened interest rate expectations while the baseline risk-free rate remains exceptionally elevated.

September nonfarm payroll data came in significantly weaker than projected, showing an addition of only 29,000 jobs while the unemployment rate ticked up to 4.2%. The disappointing figures prompted investors to aggressively scale back bets for a potential Federal Reserve interest rate hike in October.

Oil prices experienced a downward shift following an agreement among G7 countries to release roughly 100 million barrels of diesel and Middle East crude exports increased. The drop in energy costs helped alleviate early Wall Street losses and provided a brief respite for consumer-sensitive sectors.