Overview
- U.S. payrolls slowed to about 29,000 jobs with downward revisions to prior months, which cut the market’s chance of an October Fed rate increase to roughly 20–25 percent.
- Investors rotated into growth and technology stocks, sending the Nasdaq to a record close and lifting major Asian markets including Japan and India.
- Long-term borrowing costs stayed high as the 10-year U.S. Treasury yield hovered in the mid-5 percent range, maintaining pressure on corporate financing and equity valuations.
- Brent and WTI crude moved down toward the low‑$100s after the G7 agreed to release reserves and Middle East exports rose, but Houthi missile and drone claims keep a supply-risk premium in prices.
- Market participants are focused on Wednesday’s Fed minutes and upcoming CPI, PCE and services reports because those will signal whether the Fed pause is lasting and how households and firms will feel higher rates.