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- As weak jobs data upended predictions on the Federal Reserve's policy plans, US stocks plummeted and Treasury yields rose.
- The S&P 500 and Nasdaq 100 dropped in turbulent trading as data showed employers added far fewer jobs than expected last month. While the data is unlikely to prevent the Fed from announcing a reduction in asset purchases next month, it may relieve pressure on the central bank to hike interest rates sooner rather than later.
- The yield on a 10-year Treasury note increased to 1.6%. Gold reversed a 1.5% gain. In New York, crude oil temporarily surpassed $80 per barrel for the first time since 2014.
- The S&P 500 finished the week higher as stocks struggled for a direction. High volatility characterized the session, with traders rushing in to buy at market lows.
- The monthly employment data was the second miss in a row, indicating labor market weakness just as the Fed prepares to reduce stimulus. The government sector lost the most jobs in the study, but leisure and hospitality hiring nearly quadrupled, indicating that the business climate is improving, albeit slowly.
- With an upward revision for August payrolls, the weakest increase of the year occurred in September. In the meanwhile, the unemployment rate has dropped to 4.8%, and average hourly wages have increased.