Economy
Chances of an October Fed rate hike plunge after weak jobs data
NDXTraders have all but ruled out an October Fed rate hike after a weak jobs report, while Fed's Hammack said the central bank has time to weigh its next move.
The Nasdaq 100 closed at a record after the weak jobs data, but Treasury yields, which initially fell, reversed higher by the end of the day.
For beginners Bond yields and Fed rate expectations drive stock valuations: when markets lower the odds of tighter policy, investors are more willing to buy stocks, while bond yields reflect the balance between growth and inflation expectations.