Overnight US stocks | September nonfarm payroll cooling supports the Fed's pause on rate hikes; the three major indices closed higher; SpaceX (SPCX.US) rose 7.35%

Friday saw the three major indices close higher. Data released Friday by the U.S. Bureau of Labor Statistics showed that new job gains plunged to 29,000 in September, while August's figure was revised down to 133,000, and July's employment data was further revised down by 31,000 to a decline of 10,000 jobs, turning negative. The unemployment rate was 4.1% in August and rose to 4.2% in September. Chicago Fed President Austan Goolsbee said the latest employment data shows the U.S. labor market remains stable, and that inflation being too high remains the Fed's more important policy focus at present. On whether the Fed should continue raising rates or pause this month, Goolsbee said "there are strong arguments for any option on the table," and expressed hope to see more evidence that inflation is moving back toward the 2% target. US StocksAt the close, the Dow Jones Industrial Average rose 250.88 points, or 0.49%, to 51,177.44; the S&P 500 rose 56.32 points, or 0.73%, to 7,722.77; the Nasdaq Composite rose 319.27 points, or 1.19%, to 27,190.86. SpaceX (SPCX.US) rose 7.35%, Tesla, Inc. (TSLA.US) rose 4.65%, Dell Technologies, Inc. Class C (DELL.US) rose 3.8%, Broadcom Inc. (AVGO.US) rose 3.35%, ASML Holding NV ADR (ASML.US) rose 3.25%, NVIDIA Corporation (NVDA.US) rose 1.34%; Accenture Plc Class A (ACN.US) fell 6.27%, and SanDisk fell 3.79%. The Nasdaq Golden Dragon China Index fell 2.09%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 1.47%, and Baidu Inc Sponsored ADR Class A (BIDU.US) fell 1.48%. European StocksGermany's DAX30 rose 301.79 points, or 1.21%, to 25,241.14; the UK's FTSE 100 rose 31.68 points, or 0.30%, to 10,459.95; France's CAC40 rose 61.88 points, or 0.79%, to 7,897.19; the Euro Stoxx 50 rose 64.30 points, or 1.04%, to 6,239.75; Spain's IBEX35 rose 76.03 points, or 0.40%, to 19,081.33; Italy's FTSE MIB rose 252.64 points, or 0.50%, to 50,490.50. Asia-Pacific StocksJapan's Nikkei 225 fell 0.94%, South Korea's KOSPI rose 0.46%, and Indonesia's Composite Index rose 0.46%. ForexThe U.S. dollar index, which measures the greenback against six major currencies, fell 0.17% on the day and closed at 101.933 at the end of the New York session. As of the close of the New York foreign exchange session, 1 euro bought 1.1252 dollars, up from 1.1235 dollars the previous trading day; 1 pound bought 1.3239 dollars, up from 1.3190 dollars the previous trading day. 1 dollar bought 157.80 yen, down from 158.11 yen the previous trading day; 1 dollar bought 0.8287 Swiss francs, down from 0.8317 Swiss francs the previous trading day; 1 dollar bought 1.4259 Canadian dollars, up from 1.4236 Canadian dollars the previous trading day; 1 dollar bought 10.0366 Swedish kronor, down from 10.0597 Swedish kronor the previous trading day. CryptocurrenciesBitcoin briefly broke above $87,000, and as of press time had erased all gains to turn lower, trading at $84,494; Ethereum fell more than 1.4% to $2,665. Precious MetalsSpot gold fell 0.89% to $4,139.78 per ounce; spot silver fell 0.94% to $60.41 per ounce. Crude OilLight crude oil futures for November delivery on the New York Mercantile Exchange fell $1.76 to settle at $91.11 per barrel, a decline of 1.9%; London Brent crude oil futures for December delivery fell 6 cents to settle at $102.25 per barrel, a decline of 0.06%. Macro News The U.S. Department of Justice will not reopen a criminal investigation into Powell. U.S. Attorney General Todd Blanche said the Department of Justice will not restart a criminal investigation into former Fed Chairman Powell. The Fed's inspector general released an investigation report this week, finding no criminal conduct by Powell regarding the cost of the Fed headquarters renovation project rising to $2.4 billion. Blanche said he was satisfied with the report but believed Powell did not properly oversee the project. The Fed has said it will hire an independent auditor to further review the renovation costs. Blanche said that if subsequent audits find any evidence of criminal conduct, the Department of Justice could still open an investigation. U.S. September nonfarm payrolls rose by only 29,000, with employers cautious about hiring amid rising costs. U.S. job gains in September were less than expected, and the unemployment rate rose slightly, indicating employers are cautious about hiring amid rising costs. Data released Friday by the U.S. Bureau of Labor Statistics showed that after downward revisions to the previous two months, nonfarm payrolls increased by 29,000 last month. That was below economists' estimates in a survey. The unemployment rate rose to 4.2%, partly reflecting an expansion of the labor force. The slowdown in job growth was mainly driven by declines in employment in government, information, professional and business services, and financial activities. Healthcare, construction, and manufacturing added jobs. Strong consumer spending and robust business investment supported hiring, but many cost-conscious employers are reluctant to expand their workforce. Still, layoffs remain low. With the unemployment rate still at historically low levels, Fed officials can continue to focus on inflation when considering when to raise rates again. Trump: Will not impose a diesel export ban; Europe will increase diesel supply. U.S. President Trump said he has asked Europe to release more diesel supply to help ease fuel price pressure, and said the United States will not impose a diesel export ban. Trump said: "I made that request. Europe has a lot of diesel, and they will make a major contribution to the world, and we will do the same." He said that as the Iran conflict ends, oil supply will increase, and oil prices will soon fall back to pre-conflict levels, and may even be lower than at the beginning of his term. When asked whether he ruled out imposing diesel export restrictions on Europe, Trump said the United States has good relations with Europe, and the European side is willing to participate because it has large diesel reserves. CME suspends launch of 10-barrel crude oil futures contract. CME Group Inc. Class A (CME Group) announced it is suspending the launch of a 10-barrel crude oil futures contract originally intended to support 24-hour, round-the-clock trading. CME Chairman and CEO Terry Duffy said the product was originally intended to provide a U.S.-regulated alternative to the market's existing 24/7 crude oil contracts, but after communicating with industry participants, some important market participants worried that introducing round-the-clock energy futures trading without further assessment could produce unintended consequences and increase market risk, so CME decided to withdraw the relevant application. CME also called on the U.S. Commodity Futures Trading Commission (CFTC) to address regulatory differences between different trading venues to ensure derivatives comply with the requirements of the Commodity Exchange Act. Individual Stock News Alphabet Inc. Class C raises Pixel 10a price by $100 due to higher memory chip costs. Alphabet Inc. Class C (GOOG.US, GOOGL.US) raised the price of the budget Pixel 10a phone, only seven months after launch, by $100 to $599, reflecting a persistent memory chip shortage that is driving up consumer electronics costs and even affecting older devices. This week, Samsung also raised prices for most Galaxy S26 models by $100. Apple Inc. (AAPL.US) last month launched the iPhone 18 Pro and Pro Max at higher prices than the previous generation and raised prices for some older models. When Alphabet Inc. Class C launched the Pixel 11 series in August this year, prices for all models also generally rose by $100 compared with the previous generation, though the increase was partly offset by increasing base storage capacity. Tesla, Inc. quarterly deliveries stronger than expected. Tesla, Inc. (TSLA.US) reported third-quarter deliveries on Friday that exceeded Wall Street expectations, as the European market recovered this year after weak sales last year. Tesla, Inc. delivered 486,532 vehicles in the third quarter, above the analyst average estimate of 456,896. The data suggest that after two consecutive years of annual sales declines, Tesla, Inc.'s core automotive business may be stabilizing. Tesla, Inc. needs to deliver at least 311,448 vehicles in the fourth quarter to avoid a third consecutive year of annual delivery declines. Analysts expect Tesla, Inc.'s gradual rollout of Full Self-Driving (FSD) software in Europe to further boost sales growth. Currently, FSD has been approved for use in eight countries. Major Bank Ratings UBS Group AG: lowered NIKE, Inc. Class B (NKE.US) target price from $42 to $34; lowered PepsiCo, Inc. (PEP.US) target price from $159 to $145.