Finance

Nonfarm payrolls expanded by only 29,000 for September, missing the consensus forecast of 79,000 by a wide margin, while the unemployment rate ticked up slightly to 4.2%. The surprisingly weak labor report rapidly reshuffled expectations for interest rates, prompting the market to significantly lower the probability of an October rate hike. Market participants are heavily leaning toward the Federal Reserve holding its benchmark rate steady at its upcoming policy session.

The 10-year U.S. Treasury yield advanced to 5.31% as fixed-income securities continue to capture substantial attention ahead of the upcoming Federal Reserve minutes release. Yields remained warm despite soft economic data, reflecting broader adjustments to a longer-term monetary landscape. Investors are carefully observing fixed-income developments to evaluate how borrowing costs might affect equity valuations heading into the third-quarter corporate earnings window.

Bitcoin prices saw steady traction, moving between $86,000 and $88,000 amid notable short liquidations on major exchanges. The cryptocurrency landscape remains highly concentrated, with Bitcoin and Ethereum combining to account for approximately 70% of the entire digital asset ecosystem's market capitalization. Market infrastructure continues to merge with traditional finance, exemplified by emerging initiatives to bring dozens of major U.S. equities directly onchain.