Update: Equities Rise Intraday Following Weak Jobs Report

01:59 PM EDT, 10/02/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes were higher intraday following weak nonfarm payrolls data that dimmed the prospect of a back-to-back interest rate hike from the Federal Reserve. The Nasdaq Composite was up 1% at 27,150.5 after midday Friday, while the S&P 500 rose 0.7% to 7,716.1. The Dow Jones Industrial Average advanced 0.4% to 51,104.1. Except healthcare and consumer staples, all sectors were in the green, led by consumer discretionary. Total nonfarm payrolls rose by 29,000 last month, the Bureau of Labor Statistics said Friday. That's just about a third of the 90,000 increase projected in a Bloomberg-compiled survey. The increase in August was adjusted downward by 29,000 to 133,000, while July's tally turned negative. "For the Fed, this number should be the nail in the coffin for an October hike," Jefferies Chief US Economist Thomas Simons said in a note e-mailed to MT Newswires. "We had been expecting that they would continue with successive 25 (basis-point) moves, but it now looks more likely that the policymakers emphasizing that they have some more time before another hike is needed will remain patient." Last month, the Federal Open Market Committee raised interest rates by 25 basis points, its first hike in just over three years, to combat inflation running persistently above its 2% target. The central bank's so-called "dot plot" signaled that a further rate increase could happen later this year. Markets are now pricing in a 76% probability that the FOMC will leave its benchmark lending rate unchanged toward the end of this month, up 36% from a week ago, according to the CME FedWatch tool. The odds in favor of a second consecutive 25-basis-point hike eased to 24% from 64%. Treasury yields were higher intraday, with the two-year rate rising 5.2 basis points to 4.84% and the 10-year rate up 5.1 basis points at 5.29%. Oil was lower intraday after the Group of Seven nations announced a planned release of 100 million barrels of oil and diesel products over a four-month period to address tight supplies. West Texas Intermediate crude fell 1.5% to $91.46 a barrel, while Brent ticked down 0.1% to $102.21. In company news, Tesla's (TSLA) shares were up 5.2%, among the top gainers on the S&P 500, after the electric vehicle maker reported third-quarter deliveries above Wall Street's expectations. Nvidia (NVDA) rose 1.5%, among the best performers on the Dow. Morgan Stanley reinstated the chipmaker as its top pick in semiconductors. Nike (NKE) slumped 5%, the biggest decline on the Dow and among the worst performers on the S&P 500. The sportswear giant forecast a fiscal 2027 revenue decline and unveiled a plan to transform its operating model, as Truist Securities warned that persistent business pressures are pushing back the company's turnaround timeline. Spot gold dropped 1.1% to $4,133.78 per troy ounce, while silver shed 1.2% to $60.46 per ounce.