Good morning, you're tuned in to Markets Desk.
The jobs report is the story of the morning, and it's a troubling one. The U.S. economy added just twenty-nine thousand nonfarm payrolls in September, a dramatic miss against expectations of eighty-four thousand, while the unemployment rate climbed to four point two percent. That's a labor market that is clearly losing momentum, and it puts the Federal Reserve in an uncomfortable position as it weighs its next move on rates.
Staying with the market fallout, Western Digital and Seagate are both getting hit hard today after reports that Toshiba plans to ramp up production of high-capacity hard drives used in AI data centers. Those two companies have been enjoying unusually strong pricing power in that space, and the prospect of Toshiba flooding the market with supply is enough to spook investors out of both names this session.
On a brighter note, Rivian gave its shareholders something to feel good about, reporting third-quarter vehicle deliveries that beat expectations with a forty-six percent jump year over year. The electric truck maker also reconfirmed its guidance through two thousand twenty-six, signaling that its partnership with Volkswagen and its production ramp are holding on track despite a tough environment for EV demand broadly.
That's the tape. Markets Desk, signing off the floor.
