S&P 500 – 7,722.72 (+0.73%)

Dow Jones – 51,176.96 (+0.49%)

NASDAQ – 27,190.86 (+1.19%)

• JOBS REPORT: COOLER LABOR MARKET GIVES STOCKS A BOOST: U.S. stocks moved higher Friday after the September jobs report showed hiring slowing without signaling a major economic breakdown or adding much inflation pressure. The economy added just 29,000 jobs, well below the 90,000 expected, while payroll gains from the previous two months were revised down by a combined 60,000. Unemployment ticked up to 4.2% from 4.1%, although the increase was largely tied to more people entering the workforce.
• STOCKS RALLY: TECH AND MID-CAPS LEAD THE CHARGE: The S&P 500 gained 0.73%, the Dow rose 0.49% and the Nasdaq jumped 1.19%, with most S&P 500 stocks finishing higher. Every sector except healthcare advanced, while technology and mid-cap names led the gains and pushed the Nasdaq toward record territory.
• BONDS: YIELDS REVERSE HIGHER: Treasury markets initially reacted positively to the softer jobs data, sending yields lower, but that move didn't last. The 10-year Treasury yield reversed higher and finished near its highest level since 2002, keeping interest rates firmly on investors' radar.
• OIL: G7 RESERVE PLAN PUSHES CRUDE LOWER: Falling energy prices provided another boost to risk sentiment, with oil dropping roughly 1.5%. The decline followed the G7's announcement of plans to release up to 100 million barrels of emergency oil and diesel reserves in an effort to stabilize fuel markets and prevent a potential U.S. export ban.
• TESLA: DELIVERY SURPRISE REIGNITES EV BUZZ: Tesla shares jumped roughly 5% after the EV maker reported 486,532 third-quarter deliveries, crushing expectations of about 461,100. The result topped Q2 deliveries despite remaining 2% below last year's level, giving the battered stock a fresh dose of momentum.
• NVIDIA: WALL STREET GETS MORE BULLISH: Nvidia climbed after Morgan Stanley reinstated the chip giant as a top semiconductor pick following a meeting with CEO Jensen Huang, sending the stock back toward its 52-week highs.
• HARD DRIVES: AI STORAGE TRADE TAKES A HIT: Seagate Technology and Western Digital plunged 12% and 8%, respectively, after Nikkei Asia reported Toshiba is considering doubling its hard-disk-drive supply. More capacity could help ease the storage crunch tied to surging AI demand, but investors clearly didn't love the prospect of additional supply.
• APPLOVIN: AI FEARS KEEP PRESSURE ON THE STOCK: AppLovin extended its brutal losing streak, with shares down roughly 50% over the past three months. Investors remain concerned that advances in AI could disrupt the company's e-commerce advertising business.
• CRYPTO: BITCOIN PUSHES HIGHER: Strategy and Coinbase edged higher alongside crypto markets as bitcoin gained more than 2%, moving toward recent three-month highs above $87,000.
• SEMICONDUCTORS: ON SEMI MAKES A $5.7 BILLION BET: ON Semiconductor jumped after announcing an all-cash $5.7 billion acquisition of Synaptics. SYNA shares surged roughly 14% following the deal.
• HOUSING: LOWER YIELDS LIFT KB HOME: KB Home rallied as the initial drop in Treasury yields following the jobs report provided a boost to housing stocks.
• MATTEL: TAKEOVER SPECULATION SENDS SHARES FLYING: Mattel surged after The Wall Street Journal reported that Authentic Brands Group has expressed takeover interest in the toy maker, potentially valuing the company at more than $20 per share.
• BOEING: STRIKE THREAT FADES: Boeing shares climbed after the company avoided a strike by its largest white-collar union, removing another potential disruption for the aerospace giant.
• NIKE: WEAK GUIDANCE WEIGHS ON SHARES: Nike slipped after the athletic giant delivered weaker-than-expected revenue and earnings guidance, adding to concerns about the company's recovery.
• DISNEY: TV RESTRUCTURING BRINGS MORE JOB-CUT FEARS: Walt Disney shares declined following reports that its ongoing television business reorganization could result in hundreds of layoffs.
• MARKET BREADTH: THE RALLY REMAINS NARROW: Despite the S&P 500 sitting just 1.5% below its all-time high and up roughly 13% for the year, participation remains a weak spot. Only 21% of S&P 500 stocks are trading above their 50-day moving average, while 40% are above their 200-day average, suggesting a relatively small group of stocks is doing much of the heavy lifting.

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“Time flies like an arrow; fruit flies like a banana.”

— Groucho Marx

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Notable Stocks

• Nvidia (NVDA). 
• Tesla (TSLA) 
• Nike (NKE) 
• Seagate Technology (STX) 
• ON Semiconductor (ON)

Weekly Notables

Ford Holds onto No. 3 U.S. Sales Spot After Close Q3 Race

Ford (F) managed to fend off Hyundai in the third quarter, narrowly holding onto its No. 3 spot in the U.S. auto market despite a year-over-year sales decline. Ford sold 507,395 light-duty vehicles in Q3, down 6.6% from a year earlier but just ahead of Hyundai Motor's 506,200 vehicles, which represented a 5.4% increase. Analysts had expected Hyundai to overtake Ford for the first time.

Vistra Lands $4.2 Billion U.S. Loan to Supercharge Nuclear Power

The U.S. government is putting billions behind nuclear energy — and Vistra (VST) is one of the biggest beneficiaries as surging AI power demand reshapes the energy market. The U.S. plans to lend Vistra about $4.2 billion to increase electricity output at at least three of its four nuclear power stations, according to a person familiar with the matter. Energy Secretary Chris Wright is expected to announce the loan Monday at Vistra's nuclear plant in Ohio.

Earnings Spotlight: PepsiCo (PEP)

Soft drinks giant PepsiCo releases its Q3 earnings report on October 8. Wall Street expects PEP to post earnings per share of $2.30 for Q3, up from $2.29 in the same period last year. Revenues are tipped to come in at $24.97 billion, up from $23.9 billion this time last year.

What to Watch Ahead:

October 5: September ISM Services PMI®.
October 6: Expected earnings from RPM International (RPM) and Constellation Brands (STZ).
October 7: Expected earnings from Levi Strauss (LEVI) and Applied Digital (APLD).
October 8: Expected earnings from PepsiCo (PEP).
October 9: Expected earnings from Delta Air Lines (DAL) and preliminary University of Michigan October consumer sentiment.