What Moved Markets This Week

Wall Street ended the week on a mixed note as cooler-than-expected September jobs data cut Fed rate-hike odds even as Treasury yields climbed, with the 30-year hitting its highest level in decades. The September nonfarm payrolls report came in cooler than economists expected. U.S. employers added just 29K jobs in September, well short of the 85K consensus figure and a sharp slowdown from August’s downwardly revised gain of 133K.

Odds that the Federal Reserve will decide to raise rates at its October 28 meeting collapsed this week after softer payrolls and cooler PCE inflation data landed as the probability of an October hike fell to 18.3% on Friday, down from 24.4% on Thursday and 64.2% a week ago. Furthermore, yields remained at the center of attention as they climbed across the curve, with the longer-end U.S. 30-year U.S. Treasury yield topping its highest level since 2002. For the week, the blue-chip Dow fell -1.26%, the benchmark S&P lost -0.27%, and the tech-heavy Nasdaq Composite climbed +0.45%.

Investors are scaling back expectations of an IPO rush this fall as several companies have delayed plans to go public amid market volatility and broader uncertainty. After a string of postponements from firms such as Oura and Holtec, the shift can't really be blamed on company-specific issues.