Nasdaq Rises 1.2% as Weak September Jobs Report Cuts Rate-Hike Odds

The equity rally is a rates story, not a growth story: a payrolls miss this large mechanically repriced October hike odds, and risk assets took the softer policy path as the win. The tension is that the same print lifted unemployment while long-end yields stayed elevated, so the market is cheering weaker labor data without yet treating it as a growth warning. Whether that benign read survives the next data points, and whether long yields stay this high even as hike odds fall, is the open question.