September’s weak payroll growth and higher unemployment materially reduce pressure for an October Fed hike, shifting expectations sharply toward policy easing or a hold. Lower rate expectations support equities by reducing discount-rate pressure, particularly for growth and technology stocks. The Nasdaq’s record and Nvidia’s strength reflect this favorable liquidity backdrop, reinforced by Morgan Stanley’s bullish $300 target. However, the weak labor data also raises concerns about economic momentum. Markets may therefore remain sensitive to upcoming inflation and activity data, as a deteriorating growth outlook could eventually outweigh the benefit of lower rates.