Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed higher on Friday as investors digested a weak jobs report that lowered interest rate hike expectations. The S&P 500 ETF finished with a 0.74% gain, while the Nasdaq 100 ETF rose 1.02%.

News That Moved the Stock Market Today

• Nonfarm payrolls rose by 29,000 in September, undercutting expectations of 84,000. Private payrolls increased by 46,000, while government employment fell by 17,000. Furthermore, August and July's payrolls were revised lower by a combined 60,000.
• Furthermore, the unemployment rate increased to 4.2% from 4.1%, above the estimate of 4.1%. The rate rose to 4.18% from 4.14% on an unrounded basis.
• The data caused the odds of a 25-basis-point hike at the October 28 Fed meeting to fall to 22.7% from 24.4% a day ago and 64.2% a week ago, according to the CME FedWatch tool. The odds briefly fell below 20% before recovering higher.
• Brent crude oil (BZ) edged higher by 0.5% to $102.82 per barrel, shrugging off news that the Group of Seven (G7) would release up to million barrels of oil over a four-month period.
• Nvidia (NVDA) rallied to a new all-time high of $237.88. Earlier this week, the company announced a record buyback addition of $150 billion.
• Tesla (TSLA) rallied after the EV company said it delivered 486,532 vehicles in the third quarter, above the estimate of 461,000.
• Nike (NKE) fell to its lowest level since 2013 after reporting fiscal first quarter revenue of $11.2 billion, missing the estimate of $11.32 billion. In addition, the sports apparel company guided for a high single-digit revenue decline for fiscal year 2027.
• Alphabet (GOOGL) hiked the price for its budget Pixel phone by $100 to $599 on rising memory costs.