The Trading Day · Friday, October 2, 2026

Jobs day — futures +0.3% before payrolls; Nike −8.7% after hours, Accenture holds +15.8%

Thursday's red midday did not last. By the close all three US indices had turned up: the S&P 500 fund SPY +0.18%, the Nasdaq-100 fund QQQ +0.31%, the Dow fund DIA flat. More important, the average stock did better than the index: the equal-weight S&P 500 fund RSP rose 0.47% and small caps 0.41%. After a September in which three in four S&P 500 stocks fell, that is one good day for breadth, not yet a trend.

The Morning 10

1 Payrolls at 14:30 CEST — about 90,000 jobs expected after 162,000 in August, unemployment 4.1%
2 Thursday's close beat its midday: S&P 500 fund +0.18%, Nasdaq-100 fund +0.31%, equal-weight RSP +0.47%, small caps +0.41%
3 Nike −8.7% after hours — sales $11.21 billion missed, earnings beat again
4 The comeback names held: Accenture +15.8%, Synopsys +12.8%, Fair Isaac +11.7%, Coherent +10.9%, Cadence +6.2%
5 Print Record: Micron closed at 1,097.39 (+3.0%) and Jabil at 299.79 (+4.5%) — both above their paid lines after day one
6 Quarterly reset complete: Euro-AI 50 back to 2% per name at Thursday's close; Rubin equal weight +2.4% on the day
7 Asia mixed: Nikkei −1.0% after +3.3%, Tokyo Electron −4.3%, SoftBank −5.9%, Advantest +2.9%; Taiwan +1.1%; Hong Kong −2.6%
8 Europe closed weak on Thursday: CAC 40 −1.6%, DAX −1.0%, LVMH −2.7%; Capgemini +7.4% on Accenture
9 Oil steady, gold up: WTI $92.45 (−0.5%), Brent $102.05; gold $4,217 (+0.4%); bitcoin $85,888 (+1.2%); dollar index 101.96
10 The disrupted come back: Microsoft −22.9% in the first half, +37.5% since; Accenture −53.6%, then +47.4%; software fund IGV −14.3%, then +17.5%

The full Morning 10 →

Daily Pulse — Bonds — Same Rise, Different Reasons: US Growth vs. Europe's Debt

Long-term rates are rising in the US and in Europe, but for different reasons. The US 10-year yield rose 45 basis points in 21 trading days to 5.24% because the economy runs hot: nominal growth of 6.3%, jobless claims near a 57-year low. France's rose 65 to 4.90% — now above Italy's — on a 5.4% deficit and record debt, while its economy grew just 0.5%. Germany's rose only 14.

The full Pulse →

On the tape

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