WS #15264
The US economy added only 29,000 jobs in September, a significant miss against the 90,000 consensus, while the unemployment rate ticked up to 4.2%. This data has sharply reduced the probability of an October Fed rate hike to roughly 14%, boosting risk appetite and driving Bitcoin higher. The weak labor data supports a "soft landing" narrative by easing inflationary wage pressures, though it raises concerns about economic momentum heading into the midterms. Nvidia has reached a new all-time high, approaching a $6 trillion market capitalization, driven by sustained demand for AI infrastructure and analyst conviction that the stock remains a "best in breed" buy. The company is expanding its hardware footprint with new DGX Spark releases and broader support for advanced shader delivery. This performance underscores the resilience of the AI narrative despite broader macro volatility and geopolitical risks.
US Labor Market Weakness
The US economy added only 29,000 jobs in September, a significant miss against the 90,000 consensus, while the unemployment rate ticked up to 4.2%. This data has sharply reduced the probability of an October Fed rate hike to roughly 14%, boosting risk appetite and driving Bitcoin higher. The weak labor data supports a "soft landing" narrative by easing inflationary wage pressures, though it raises concerns about economic momentum heading into the midterms.
Nvidia has reached a new all-time high, approaching a $6 trillion market capitalization, driven by sustained demand for AI infrastructure and analyst conviction that the stock remains a "best in breed" buy. The company is expanding its hardware footprint with new DGX Spark releases and broader support for advanced shader delivery. This performance underscores the resilience of the AI narrative despite broader macro volatility and geopolitical risks.