Friday U.S. stocks closed higher, with the Nasdaq setting a new intraday record. September nonfarm payrolls rose by only 29,000, far below expectations of 84,000; the probability that the Federal Reserve will hold steady is close to 78%. The G7’s decision to release oil and add pressure on supply has kept energy inflation in check, and inflation for now has eased. That’s a tailwind for crypto: expectations for interest rates have loosened, and the liquidity “ledger” is turning to a wider page—high beta is especially hungry for this. Nvidia and semiconductors surged together, and the AI narrative is still burning. However, the jobs report was too soft and may also hint at underlying demand concerns—don’t get too hot and bothered all at once.

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