MARKET SNAPSHOT

U.S. stocks rose after slowing jobs growth in the U.S. tempered expectations that the Federal Reserve will hike rates this month. Treasury yields hovered near multidecade highs amid lingering concerns about the long-term economic outlook. Oil prices fell after the G-7 agreed to release crude oil and fuel from their emergency stocks and not to restrict oil exports. Gold and silver prices settled lower. The U.S. dollar weakened.

MARKET WRAPS EQUITIES

U.S. stocks ended the week on an upswing after slowing jobs growth tempered expectations that the Federal Reserve will hike rates again later this month.

The S&P 500 rose 0.7%, the Dow Jones Industrial Average added 0.5%, and the Nasdaq composite climbed 1.2%.

Major indices rose after the Labor Department said the U.S. added just 29,000 jobs in September, well short of expectations. Unemployment ticked up as well, though it remains at a historically low level. The weaker-than-expected result may be a disappointing update on labor market conditions, but it also gives the Fed cover to hold the federal funds rate steady at its upcoming meeting.

Following last month's rate increase, investors had worried that more hikes were around the corner while the labor market remained on good footing. Fed officials have warned in recent weeks that more hikes were likely, but top policy makers also said the need was not urgent.

The September jobs report is a chink in the labor market's armor, raising the bar for how bad upcoming inflation data would have to be for the Fed to justify another hike, according to analysts.

"The Fed can credibly argue that labor cost pressures are abating, reducing urgency for additional hikes," said Chris Osmond, the chief investment officer for Fifth Third Wealth Advisors.

Treasury yields initially fell after the payrolls report, but reversed course soon after as tensions between the U.S. and Iran remain high.

Stock markets in Asia ended mixed on Friday.

Hong Kong's Hang Seng Index dropped 2.6%.

Japan's Nikkei Stock Average fell 0.9%.

South Korea's Kospi rose 0.5%.

Australia's S&P/ASX 200 Benchmark Index added 0.8%.

New Zealand's S&P/NZX 50 Index fell 0.9%.

Stock markets in mainland China were closed Friday for a public holiday.

COMMODITIES

Oil prices fell after the Group of Seven agreed to release crude oil and fuel from their emergency stocks and not to restrict oil exports.

WTI crude oil fell 1.9% to $91.11 a barrel, while Brent settled 0.1% lower at $102.25 a barrel.

The G-7 major economies said Friday that they will release the 100 million barrels of crude oil and other fuels from its stocks within the next four months. In a statement, the office of French President Emmanuel Macron said a "frontloaded substantial diesel release within the first 20 days," is a part of the deal.

The announcement is believed to curb the U.S. threat of a diesel export ban, with Macron's statement adding that the G-7 countries will "take no measures to restrict the exchange of energy and petroleum products between partner countries."

Gold and silver prices settled lower for both Friday's session and the week.

Front-month Comex gold for October delivery fell 0.9% to $4133.70 a troy ounce, snapping a three-session winning streak. Gold finished 3.6% lower for the week.

Comex silver ended Friday's session 1.2% lower at $59.977 a troy ounce. For the week silver fell 6.7%. The metal has fallen six of the past eight sessions.

TODAY'S TOP HEADLINES

September Hiring Trudged Along but Labor Market Still on Steady Track

The U.S. added just 29,000 jobs in September, a sign that the labor market may not be able to deliver the sizable gains that it did in the past-but doesn't need to in order to keep the unemployment rate low.

The jobs number, reported Friday by the Labor Department, fell far short of analysts' expectations for an increase of 84,000 jobs. The unemployment rate edged up to 4.2%. That was higher than 4.1% the previous month but still at a historically low level that indicates the labor market remains generally healthy.

OPEC, Allies Hold Oil Output Steady Amid Middle East Tensions

Key members of the Organization of the Petroleum Exporting Countries and its allies agreed to keep oil production steady in November, as security risks in the Middle East remain elevated despite signs that regional crude exports are back around prewar levels.

Sunday's decision comes as markets remain on alert for further escalation and attacks on shipping. Major Middle East producers have managed to ramp up crude supplies, with analysts estimating that regional exports have returned to prewar levels. Physical markets, however, continue to signal severe tightness.

The Iran war has disrupted global oil flows through key shipping routes for months, limiting the broader group called OPEC+'s ability to add barrels to the market and influence the supply balance. Most members also continue to pump below their official production targets.

G-7 Agrees to Release 100 Million Barrels of Diesel and Crude

PARIS-The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks and not to restrict exports, aiming to bring down the soaring price of diesel and other fuels.On his Truth Social platform, President Trump said European nations agreed "to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately."

The G-7 statement said the reserve release would happen over four months.

The announcement would seem to end the threat of a U.S. ban on diesel exports, at least for now. The G-7 countries agreed to "take no measures to restrict the exchange of energy and petroleum products between partner countries," French President Emmanuel Macron said.

Oil Was Pouring Through the Strait of Hormuz Again. Then Attacks on Shipping Resurged.

DUBAI-A new wave of attacks on vessels around the Strait of Hormuz is threatening a recovery in Middle Eastern oil exports-just as Gulf producers have pushed crude shipments back toward prewar levels.

The swift rebound in shipments in recent weeks has been driven by U.S. naval protection and earlier waves of strikes that knocked out Iranian radar and communications along the contested strait. The United Arab Emirates and other producers have set up an elaborate system of shuttle runs in which tankers load inside the Persian Gulf, exit Hormuz and transfer the crude to vessels waiting outside the waterway.

But after several days without reported attacks on ships toward the end of last month, the U.K. Maritime Trade Operations, which is affiliated with the Royal Navy, has reported seven strikes on vessels around the waterway since Sept. 28. On Sunday, it reported another strike, but didn't specify when the incident happened.

Tesla Sales Slump in Third Quarter

Tesla's global sales fell in the third quarter, reversing gains from the first half of the year.

The electric-vehicle maker sold 486,532 electric vehicles globally in the period from July to September, down 2% from the same time last year, the company said Friday.

Tesla also reported 9.6% growth in its energy business, a figure that measures how much battery energy the company deployed in the quarter.

FAA Says 737 MAX Software Glitch Doesn't Pose Safety Issue

A software glitch that some industry officials worried could overwork Boeing 737 MAX pilots during a certain landing scenario doesn't pose a safety risk, U.S. regulators said Friday, easing a potential obstacle to certification of the MAX 10.

U.S. air-safety regulators had convened an internal panel known as a corrective action review board on Friday to decide whether the problem amounted to an unsafe condition that needed to be addressed.

The FAA panel, composed of various internal experts, arrived at the determination that "because pilots retain full control of the aircraft, the indications to the flight crew are clear and unambiguous," the agency said Friday. "As with any situation, the FAA will consider appropriate action if it receives new information about this issue."

David Ellison Changes Name of Combined Paramount-Warner to Skydance

Paramount Chief Executive David Ellison said he would rename his combined company Skydance after acquiring Warner Bros. Discovery.

"Paramount and Warner Bros. shaped over a century of culture," Ellison said Friday on social media. "By combining them, we aren't rewriting history-we're equipping these iconic studios with a more powerful engine.

Ellison said Skydance will focus on "bold, quality storytelling."

Novartis to License Drug From China's Abogen in Up to $7.8 Billion Deal

Novartis struck a deal valued at up to $7.8 billion to license a messenger RNA drug candidate from Abogen Biosciences and gain options over future therapies, turning to China to fill its pipeline.

Many of the world's biggest drugmakers have set their sights on China to look for new drug ideas, seeking to bolster their portfolios in preparation for older medicines going off patent. Novartis has sealed several tie-ups with emerging Chinese biotech players in recent years.

Novartis is paying $575 million upfront and could make additional payments of up to $7.2 billion if options on all programs are exercised and targets are met, Abogen said Friday.

Expected Major Events for Monday 00:00/AUS: Sep Melbourne Institute Monthly Inflation Gauge

00:30/JPN: Sep Japan Services PMI

00:30/SIN: Sep Singapore Whole Economy PMI

01:00/AUS: Sep VFACTS vehicle sales

05:00/JPN: Sep Consumer Confidence Survey

05:00/SIN: Aug Retail Sales

08:20/TAI: Sep International Reserves

21:00/NZ: 3Q NZIER Quarterly Survey of Business Opinion

21:00/SKA: Sep International Reserves

00:00/AUS: Oct Westpac - Melbourne Institute Consumer Sentiment Survey

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