U.S. stocks climb toward record highs after payroll growth slows to 29,000
AI Market Summary
A sharply weaker U.S. jobs print (29k vs expectations; down from 133k prior) signals cooling labor demand, easing inflation concerns and reducing near-term Fed tightening expectations. Risk assets responded positively, lifting major U.S. equity indices with the S&P 500 nearing its prior record. Near-term sensitivity should remain high to rate expectations as markets reprice the growth-inflation-policy mix.
Impact level
● Medium
Affected assets
NCSISP5002USD/USDT+0.25%
AI Insight · NCSISP5002USD/USDTAI Insight
▲ Bullish
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The U.S. Labor Department reported that nonfarm payrolls rose by just 29,000 last month, far below market expectations and down from 133,000 in August, signaling a notable cooling in the labor market. Investors quickly pared back expectations for near-term Federal Reserve rate hikes. U.S. stocks advanced across the board, with the S&P 500 sitting within 1% of its record high.
