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Softer U.S. Jobs Print Fuels Tech Rally as Fed Odds Fall

A much‑weaker payrolls reading cut the market chance of an October Fed hike and opened the door for big tech gains while long-term borrowing costs stay elevated.

Bitcoin keeps getting rejected at $87,000 as stocks hover near records
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A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell, in New York City on October 5, 2026. Wall Street stocks opened without a clear direction on Monday, with investors opting for caution in the face of high bond yields, interest rate uncertainty and the war in Iran's effect on global prices. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)
Bitcoin's price one year after bull market peaks. (CoinDesk, TradingView)

Overview

  • The U.S. payrolls report released Friday showed about 29,000 jobs added and significant downward revisions to prior months, which pushed market odds of an October Fed rate increase down to roughly 22–24 percent.
  • Reduced near‑term tightening sent money into large technology and AI‑related stocks, lifting the Nasdaq to record closes led by names such as Nvidia, TSMC and Tokyo Electron.
  • Long‑dated U.S. Treasury yields barely budged after the jobs data, with the 10‑year holding in the mid‑5 percent range and keeping borrowing costs high for governments, companies and consumers.
  • Oil prices eased after G7 coordinated reserve releases and a recovery in Gulf exports, but ongoing attacks on regional infrastructure and shipping leave an inflation risk premium in place.
  • Markets are now focused on coming data and events—ISM services, the Fed minutes, Treasury auctions and the start of earnings—which will test whether the tech‑led rally can hold against persistent yield and fiscal stresses in Europe.