NVDA Pushes Markets to Rally, September Jobs Emphasize Fed's Labor Focus

Economic Data Summary - The September jobs data released on October 3rd showed a significant increase in jobs, with 119,000 new jobs added compared to estimates of around 50,000 [1] - Unemployment remained relatively unchanged, ticking up to 4.4%, with the real number of unemployed at 7.6 million [2] - Wages increased by 0.2% month-over-month and 3.8% year-over-year, indicating positive trends for the bond market as fears of inflation decrease [2][3] Labor Market Insights - Private payrolls rose by 97,000, with notable job gains in healthcare (43,000), food services and drinking places (37,000), and social assistance (14,000) [4] - Job losses were observed in transportation and warehousing (down 25,000) and the federal government (down 3,000), which has lost a total of 97,000 jobs since January [5] Market Reactions - The overall market showed a slight increase, likely influenced by Nvidia's earnings and the performance of hyperscalers, although the exact impact of the jobs data on the market remains uncertain [6] - The VIX index decreased by four points to 19.64%, indicating a potential reduction in market volatility [7] - The 10-year yield was reported at 4.11%, with market participants closely monitoring the possibility of a December rate cut as concerns shift from inflation to labor market strength [9]