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News
Monday, October 05, 2026
What’s happening: US stocks closed higher on Friday as investors responded to the latest nonfarm payrolls (NFP) report.
What happened: Downbeat jobs data released on Friday lowered speculations of the Federal Reserve hiking its benchmark interest rates in October.
Tech stocks moved sharply higher, with Nvidia’s shares surging to a record high for the first time since May.
Why it matters: Several recent data releases had showed resilience in the US economic activity, supporting the Fed’s rate hike decision.
However, the US Labor Department said on Friday that nonfarm payrolls rose by 29,000 in September, significantly lower than market estimates of 90,000 job adds. The numbers for the previous two months were also revised sharply lower.
The NFP report also showed that the US unemployment rate rose to 4.2% in September.
Soft jobs data sharply reduced speculations of the Fed raising its interest rates by 25 basis points at its upcoming meeting.
Lower expectations of a hike provided a boost to rate-sensitive shares, including the real estate index, which gained 0.4% on Friday, and the small-cap Russell 2000 index, which notched its biggest daily rise in a month.
Mega-cap stocks also rose sharply, with shares of Tesla climbing 4.7% and Nvidia adding 1.3% on Friday. Oracle rose around 2% following a nuclear power subscription announcement, while shares of ON Semiconductor rose around 6% after announcing a cash deal to acquire Synaptics.
However, shares of memory and storage companies, including Western Digital and Seagate Technology, fell on Friday after Japanese firm Toshiba announced plans to double its production capacity for hard disk drives used in AI datacentres by fiscal 2027.
Most sectors on the S&P 500 closed higher, with consumer discretionary and information technology stocks among the top performers, while healthcare stocks fell slightly on Friday.
The Nasdaq 100 surged 1%, or 306.37 points, to settle at 30,807.93 on Friday. The Dow Jones jumped 250.40 points, or 0.49%, to 51,176.96, while the S&P 500 rose 0.73% to close at 7,722.72.
The Nasdaq 100 recorded its fifth weekly gain in the past six weeks.
What to watch: Investors will continue monitoring Treasury yields and the US-Iran conflict.
Data on S&P Global Composite PMI (1745 UAE Time), S&P Global Services PMI (1745 UAE Time) and ISM Services PMI (1800 UAE Time) will be released today. Analysts expect the S&P Global composite PMI to surge to 58.4 in September from 56 in the previous month, while the S&P Global services PMI is expected to rise to 58.7 in September from 56.5 in the previous month. The ISM services PMI, which climbed to 55.4 in August from 54.1 in July, is projected to improve to 55.7 in September.
Context: The Australian dollar fell versus the US dollar this morning as investors digested the latest economic data.
Details: Data released this morning showed that the S&P Global Australia services PMI business activity index slipped to 51.9 in September from 53.2 in the previous month. Although the latest reading signalled a fourth consecutive month of expansion, it was slightly higher than the preliminary reading of 51.4, growth eased to its weakest level in three months.
Australia’s composite PMI fell to 51.3 in September from 52.7 in the previous month but came in above the preliminary estimate of 50.8.
The Melbourne Institute Monthly Inflation Gauge climbed 0.3% in September, easing from August’s 0.5% and recording the lowest reading since June.
The AUD/USD pair traded near multi-month lows as a stronger greenback and higher US Treasury yields continued to exert pressure on the Australian dollar. The US dollar index, which measures the greenback’s performance versus a basket of major peers, gained around 0.3% to 102.20.
The AUD/USD forex pair fell around 0.2% to 0.6945.
The Australian dollar extended losses this morning after four straight weeks of decline, with easing inflation dampening speculations of another interest rate hike by the Reserve Bank of Australia in November.
What to watch: Data on Westpac consumer confidence index (0330 UAE Time) and ANZ-Indeed job ads (0430 UAE Time) from Australia will be released on Tuesday. The Westpac–Melbourne Institute consumer sentiment index, which declined to 84.4 in September from 88.9 in the previous month, is expected to fall further to 83.4 in October.
Analysts expect Australia’s ANZ–Indeed job ads to decline 1.3% in September, following a 2.5% gain in August.
Other Markets: European indices closed higher on Friday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.32%, 0.17%, 0.79% and 0.75%, respectively.
Ukraine’s President Volodymyr Zelenskyy said that US mediators had proposed fresh talks with Russia to end the ongoing conflict. The news sent the USD/RUB forex pair higher in forex trading this morning.
Japan’s S&P Global composite PMI slipped to 52.3 in September from 53.5 in the previous. However, private sector activity expanding for the 18th straight month exerted pressure on the USD/JPY forex pair.
Singapore’s S&P Global PMI declined to 58.1 in September from a record 59.4 in the previous month, which sent the USD/SGD pair higher in forex trading this morning.
Vietnam’s industrial production jumped 16.7% year-over-year in September, accelerating from the previous month’s 13.5% growth. This being the fastest growth since January exerted pressure on the USD/VND forex pair.
Eurozone’s annual inflation accelerated to 3.8% in September from 3.2% in the previous month. The latest reading coming in above market estimates of 3.6% sent the EUR/USD pair lower in forex trading this morning.
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