According to CoinMeta, the United States only added 29,000 new jobs in September, far below the expected 90,000. The unemployment rate rose from 4.1% to 4.2%. This weak employment report drove the S&P 500 up by about 0.9%, and the Nasdaq rose by about 1.5%, approaching a new record. The market viewed this as positive for risk assets, with federal funds futures indicating that the probability of a rate hike in October has dropped to less than 20%, a significant decrease from 25% before the report. Although a rate hike in December is still possible, the September data significantly strengthens the case for pausing interest rate hikes. Treasury yields fell in response, with the 10-year yield dropping to about 5.18% and the 2-year yield to about 4.72%. Tech stocks were the biggest beneficiaries, as lower Treasury yields reduced the discount rate for future earnings. The Nasdaq approached a new record of 27,309, surpassing the previous high of 27,244.28, and NVIDIA also closed near its highest level since May.