Stocks were flat in overnight trading on a weaker-than-expected Nonfarm payroll report. Treasury yields were volatile following the report and started the day higher.
September Nonfarm payrolls missed expectations with a +194k print. Government payrolls fell -123k, manufacturing payrolls rose +26k, and private nonfarm payrolls rose +317k.
Hourly average earnings rose +0.6% in September and rose +4.6% from this time last year. Average weekly hours increase +0.2 to 34.8 hours. The participation rate fell to 61.6% and the unemployment rate fell to 4.8%.
Stocks closed slightly lower on the day while Treasury yields closed higher on the day.