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The Nasdaq Composite rose 319.27 points, or about 1.2%, to 27,190.86 on Friday, October 2, 2026. The S&P 500 gained 56.27 points to 7,722.72, and the Dow Jones Industrial Average added 250.40 points to 51,176.96. A weaker-than-expected September jobs report helped lift stocks by easing market expectations for an October Federal Reserve rate increase—but the odds were a snapshot of futures pricing, not a Fed decision. Treasury yields also reversed their initial drop and finished higher.
What happened in the stock market today?
All three major U.S. indexes ended higher on Friday, October 2, according to the Associated Press.
| Index | Close | Change |
|---|---|---|
| Nasdaq Composite | 27,190.86 | Up 319.27 points, about 1.2% |
| S&P 500 | 7,722.72 | Up 56.27 points |
| Dow Jones Industrial Average | 51,176.96 | Up 250.40 points |
The indexes finished below their intraday highs, and the gains were not shared by every stock. Nvidia rose 1.3% and was the strongest individual lift to the S&P 500, while Nike fell 3.6%, the AP reported.
Why did the Nasdaq go up today?
The main catalyst was a September employment report that came in weaker than expected, easing concern that the Federal Reserve might raise rates later in October. David Dittman’s market recap reported 29,000 jobs added, compared with a 93,000 consensus forecast, and unemployment at 4.2%, up from 4.1% the prior month. Those employment figures are reported in the recap’s account of Bureau of Labor Statistics data.
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Stocks can benefit when investors expect less pressure for higher interest rates: lower expected borrowing costs can support company valuations, especially for growth-oriented shares. That was the apparent relief-trade logic, although the bond market’s full-session move was more complicated than the initial reaction.
Did the jobs report change Fed rate-hike odds?
Yes, according to CME FedWatch figures reported in the recap: futures pricing implied a 22.7% chance of a quarter-point rate increase at the October meeting, down from 64.2% a week earlier. These percentages describe market-implied pricing at the reported observation time. They are not an official Federal Reserve forecast, a promise about the Fed’s decision, or odds that remain valid after October 2.
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Fifth Third Commercial Bank Chief Economist Bill Adams, quoted in the recap, said the weak report and revisions to prior months had taken away the apparent acceleration in job growth: “With downward revisions to July and August, the acceleration of job growth that seemed visible in the August jobs report has been revised away.” He described the late-October decision as “live,” adding that September inflation reports, geopolitical developments and fuel prices could influence it.
Why did Treasury yields rise after the jobs report?
The 2-year Treasury yield initially fell after the report, from 4.787% on Thursday to 4.693%, then turned higher before the market opened and finished at 4.837%, up 5 basis points for the session, according to Dittman’s recap. The same account put the 10-year yield at 5.279%, up 4.5 basis points, and the 30-year at 5.628%, up 2.5 basis points.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →That sequence matters: the first move reflected the softer employment news, but it did not persist through the close. The available account establishes the timing and net changes, not a definitive explanation for the reversal. A rally in stocks alongside rising closing yields is therefore not contradictory; markets respond to more than one signal, and the session’s early reaction is not the same as its closing result.
Which stocks stood out?
Nvidia and Tesla rose
The AP reported Nvidia gained 1.3% and gave the S&P 500 its strongest individual lift. Tesla rose 4.7% after reporting 486,532 third-quarter deliveries, more than analysts expected, according to the AP. Dittman’s recap reported Tesla up 4.5%; the accounts differ slightly, so the AP figure is used here.
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Nike fell on a weaker outlook
Nike dropped 3.6% after results and a profit forecast came in below analysts’ expectations, the AP reported. Dittman’s recap said revenue was slightly below consensus and reported earnings were in line. It also said Nike forecast fiscal 2027 earnings of $1.15 to $1.35 per share, below analysts’ $1.67 expectation, and projected a high-single-digit percentage revenue decline.
UBS analyst Jay Sole, quoted in the recap, said the central question was whether “all the ‘bad news’” was already reflected in Nike’s share price. He also warned that a slower-than-anticipated recovery could mean the company’s earnings-revision cycle was not over.
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HPE reached a record
Dittman’s recap reported Hewlett Packard Enterprise rose 7.4% and closed at an all-time high. A strong index day can conceal sharply different company-specific outcomes, as the contrast among Nvidia, Tesla, Nike and HPE illustrates.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the day’s rally does—and does not—show
- It was a reaction to new economic information: the jobs report was weaker than forecast, and futures pricing for an October hike fell in the reported snapshot.
- It was not a Fed policy change: the Federal Reserve had not announced a rate decision in the reported events.
- It was not a uniform stock advance: the major indexes rose, but individual shares moved in different directions.
- It was not a full-session bond rally: the 2-year yield’s initial decline reversed, leaving it higher at the close.
These prices, yields and implied probabilities describe the October 2, 2026 session and should not be treated as current market data on another date.
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