A weaker-than-expected September employment report pushed the tech-heavy Nasdaq 100 index to a record high on Friday, Oct. 2, as traders scaled back bets on another Federal Reserve rate hike this month. The U.S. economy added just 29,000 jobs in September, well short of the 90,000 economists expected. The unemployment rate unexpectedly rose to 4.2% from 4.1%. Wage growth also cooled more than forecasts. Average hourly earnings rose 0.1% month over month and 3% year over year, the slowest annual pace since May 2021. Revisions made the picture softer. August payrolls were cut to 133,000 from 162,000, while July swung to a loss of 10,000 from a gain of 21,000, a combined 60,000 fewer jobs than previously reported.
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