US Stock Market Today: S&P 500 Futures Climb On Cooling Jobs And Firm Factory Data

US stock futures are pointing higher this morning, with E-mini S&P 500 contracts up about 0.7%, as investors weigh cooler job growth against hotter manufacturing and price signals. The latest non-farm payrolls report shows only 29,000 new jobs in September and unemployment at 4.2%, which hints that hiring is losing steam and pay rises are slowing, with annual wage growth at 3%. At the same time, the ISM Manufacturing PMI sits at 54.5 and the S&P Global manufacturing gauge at 55.9, both suggesting factories remain busy while costs rise due to tariffs and Middle East conflict. The dilemma is simple but uncomfortable for markets. If the job market is cooling while factory prices climb, interest rate sensitive areas like housing related stocks and more cyclical sectors such as industrials and consumer-linked companies move into the spotlight, as investors ask whether slower hiring is enough to offset fresh cost pressures.

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Teradyne (TER) jumped 8.00% after upbeat commentary on AI data center demand and HDD supply.

Hewlett Packard Enterprise (HPE) rose 7.36% as analysts raised targets following a bullish networking event and Helios AI order.

Space Exploration Technologies (SPCX) gained 7.35% with fresh headlines on Starship cadence, Grok pricing plans, and large AI compute deals.

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Western Digital (WDC) fell 10.22% after Toshiba outlined plans to nearly double AI data center HDD capacity.

Seagate Technology Holdings (STX) declined 10.21% on the same Toshiba hard disk drive expansion headlines weighing on HDD suppliers.

Accenture (ACN) slipped 6.31% after a sharp post earnings rally prompted some investors to lock in gains.

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Fed speakers, service sector data and a major consumer earnings report line up as the key signals for US traders.

US Services Pulse: ISM Services PMI on Monday will show how non factory activity and pricing trends compare with manufacturing.

Consumer Drinks Check: Constellation Brands (STZ) earnings on Tuesday will highlight alcohol demand and management's view on discretionary spending.

Fed Messaging: Fed Williams Speech on Tuesday provides additional detail on rate thinking after softer payrolls and firm factory prices.

Labor Market Gauge: Initial Jobless Claims on Thursday will update weekly layoff trends after the higher 4.2% unemployment rate.

Policy Backdrop: FOMC Minutes on Wednesday are expected to clarify how the Fed weighed cooling jobs against stronger manufacturing and cost pressures.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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