S&P 500 Rises as Weak September Payrolls Fuel Rate Relief Expectations

U.S. stocks opened higher on Friday, with the S&P 500 climbing as much as 0.92% to 7,737.79 after softer labor market data lowered Treasury yields. September nonfarm payrolls increased by 29,000, missing the 85,000 consensus estimate, while July and August gains were revised down by a combined 60,000. Average hourly earnings rose 0.1% month-over-month to 3.0% annually. The cooling figures eased rate hike expectations, pushing the 10-year Treasury yield down to 5.1989% and supporting broad equity gains led by consumer discretionary and technology shares.