美国9月非农不及预期，美股上涨债市走高，油价维持高位

LIVE FROM WASHINGTON, D.C., THIS IS "BALANCE OF POWER." JOE: PRESIDENT TRUMP HIS MESSAGE ON THE ROAD AS THE JOB MARKET SHOWS SIGNS OF WEAKNESS. WELCOME TO THE FRIDAY EDITION. I SOFTER THAN EXPECTED EMPLOYMENT REPORT LIGHTS UP WALL STREET TODAY BUT BRINGS WORRIES ABOUT WAGES. I'M JOE MATHIEU ALONGSIDE KAILEY LEINZ. HAPPY JOBS DAY. THE PRESIDENT TALKING AFFORDABILITY ON THE ROAD. HE IS GOING TO ALABAMA AS WE LEARN WAGES ARE STILL STRUGGLING TO KEEP UP WITH INFLATION.

KAILEY: WE HAVE SEEN SEVERAL MONTHS IN A ROW NOW OF WAGE NEEDS NOT KEEPING PACE WITH ELEVATED PRICES. THAT PERHAPS POINTS TO THE AFFORDABILITY CONCERNS THAT VOTERS CONSISTENTLY SAY ARE TOP OF MIND AS THEY GET READY TO GO TO THE POLLS IN JUST 4.5 WEEKS FROM NOW, MAYBE LESS. PRETTY STRIKING TO SEE THE HEADLINE FIGURES IN THE PAYROLLS PRINT. 29,000 IN THE MONTH OF SEPTEMBER, PLUS DOWNWARD REVISIONS. UNEMPLOYMENT WENT HIGHER WHICH MAY HAVE SOMETHING TO DO WITH MORE PEOPLE PARTICIPATING IN THE LABOR MARKET.

JOE: WALL STREET CELEBRATING THIS BECAUSE IT MIGHT MEAN MAY BE A BREAK ON INTEREST RATE HIKES. I DON'T KNOW IF WE WILL PUT THAT TOGETHER WHEN WE TALK TO KATIE RICHARDS. WE SAW AN IMMEDIATE DECLINE IN TREASURY YIELDS WHAT THEY ARE BACK ON THE RISE TODAY SO IT SEEMS TO BE A TENTATIVE REACTION AT BEST. KAILEY: UP ANOTHER THREE BASIS POINTS ON THE 10 YEAR. 5.27%. USUALLY WE WOULD LEAVE THAT UP TO CHARLIE. I DON'T HAVE TO QUOTE THE MARKETS BECAUSE CHARLIE -- AMY MORRIS IN THIS CASE WILL DO IT FOR US.

SHE IS HERE IN WASHINGTON. AMY: THANK YOU. YOU ARE RIGHT. THE SHARP SLOWDOWN IN U.S. JOBS MARKETS DRIVING STOCKS HIGHER. BOND YIELDS DID FALL. THEY ARE HIGHER NOW BECAUSE THERE WAS SPECULATION THE FED WOULD NOT BE FORCED TO RAISE INTEREST RATES ANYTIME SOON. WE CHECK MARKETS FOR YOU ALL DAY LONG. THE S&P 500 UP .75%. RUSSELL 2000 INDEX UP AROUND 1%. THE 10-YEAR TREASURY YIELD IS HIGHER, NOW AT 5.27%. TWO YEAR YIELD AT 4.8%.

THE 30 YEAR TREASURY YIELDS MOVING HIGHER AT 5.62%. WE HAVE BEEN TELLING YOU THAT G7 NATIONS ARE SET TO RELEASE AS MUCH AS 100 MILLION BARRELS OF EMERGENCY OIL TO HELP TRIGGER A DROP IN FUEL PRICES. IT SEEMS TO HAVE AN EFFECT FOR A MINUTE. THAT IS OVER NOW. BRENT CRUDE IS ABOUT .1% HIGHER, TOPIPING $102 A BARREL. WTI CRUDE IS STILL A LITTLE LOWER, RIGHT AT $91 A BARREL. DIESEL AVERAGING $6.37. BROADCOM STARTING TO GATHER SOME $60 BILLION OF FRESH AI CHIP FINANCING TO BENEFIT ANTHROPIC AND OTHER COMPANIES.

WALL STREET AND SILICON VALLEY ARE WATCHING THIS CLOSELY. THEY WANT SOME REASSURANCE THAT INVESTORS ARE STILL WILLING AND ABLE TO BACK AI'S BUILD OUT EVEN WITH A PUBLIC BACKLASH AGAINST DATA CENTER CONSTRUCTION. BROADCOM SHARES MORE THAN 3% HIGHER. IT IS WORTH NOTING THIS FINANCE WILL ADD TO THE HUNDREDS OF BILLIONS OF DOLLARS OF DEBT ALREADY RAISED TO BUILD OUT AI INFRASTRUCTURE. NVIDIA SHARES HIT THEIR FIRST RECORD IN MORE THAN FOUR MONTHS.

THAT RALLY RESULTS IN A MARKET CAPITALIZATION OF $5.7 TRILLION, CLOSE TO $6 TRILLION. THAT IS A LEVEL NO COMPANY HAS EVER SURPASSED. SHARES OF NVIDIA ABOUT 2% HIGHER. FOR ON-DEMAND NEWS 24 HOURS A DAY, SUBSCRIBE TO BLOOMBERG NEWS NOW OR EVER YOU GET YOUR PODCASTS. I'M AMY MORRIS. LET'S GET BACK TO BALANCE OF POWER WITH JOE MATHIEU AND KAILEY LEINZ. KAILEY: AMY MORRIS WATCHING THE MARKETS FOR US. THANK YOU. THE MARKETS TAKING VERY LITTLE TIME TO REACT TO THE SOFTER THAN EXPECTED NONFARM PAYROLLS REPORT.

SOMEONE WHO SEEMS TO BE TAKING SOME TIME TO DIGEST THE FIGURES IS THE PRESIDENT OF THE UNITED STATES, WHO HAS YET TO POST ANYTHING ON TRUTH SOCIAL PERTAINING TO THE LATEST ECONOMIC FIGURES. INSTEAD, THEY PERTAIN MORE TO THINGS LIKE DAYLIGHT SAVINGS TIME AND SPECIFICALLY GETTING RID OF IT WHICH HE WOULD LIKE THE SENATE TO VOTE ON AT THEIR EARLIEST CONVENIENCE. MAYBE WE WILL HEAR FROM THE PRESIDENT ABOUT THIS JOBS REPORT OR THE OVERALL STATE OF THE ECONOMY WHEN HE TAKES THE STAGE IN MOBILE, ALABAMA.

WE DID HAVE A CHANCE TO HEAR FROM THE NATIONAL ECONOMIC COUNCIL DIRECTOR KEVIN HASSETT WHO JOINED OUR COLLEAGUES EARLIER TODAY AND CHARACTERIZE THE FIGURES THIS WAY.

THERE HAS BEEN A LOT OF NEWS THIS WEEK THAT HAS BEEN VERY POSITIVE. THE LAST JOBS REPORT HAS BEEN THROUGH THE ROOF. IYOU HAVE SLIGHTLY SMALLER NUMBERS. THIS JOBS REPORT WAS ABOUT AS EXPECTED BECAUSE ONE THING THAT MAYBE FOLKS HAVE NOT BEEN FACTORING IN IS WE PRODUCE FEDERAL GOVERNMENT EMPLOYE MENT BY 300,000 WORKERS. THE THING YOU AND I HAVE TALKED ABOUT FOR YEARS IS THE CONSTRUCTION, FACTORY CONSTRUCTION WORKERS WAS ABOUT UP 12,000 WHICH MEANS IT IS UP 112,000 SINCE PRESIDENT TRUMP TOOK OFFICE. 112,000 PEOPLE -- THAT IS ABOUT THE MICHIGAN FOOTBALL STADIUM.

THAT MANY PEOPLE ARE OUT THERE BUILDING FACTORIES TO CREATE FUTURE JOBS IN THE U.S. THAT IS ABOUT AS BULLISH OF A SIGN I HAVE SEEN FOR THE ECONOMY. JOE: KEEPING THAT STADIUM FULL OF JOBS IN MIND, WE GO TO THE NORTH LAWN OF THE WHITE HOUSE. STANDING IN THE SAME SPOT KEVIN HASSETT WAS THIS MORNING IS TYLER KENDALL. TYLER, THAT IS A REMARKABLE STATEMENT. THE MOST BULLISH I HAVE SEEN FOR THE ECONOMY SINCE I HAVE BEEN WATCHING IT?

THAT IS THE BALANCE OF HIS CAREER. IS THAT THE STATEMENT FROM THE WHITE HOUSE TODAY? TYLER: AT THIS POINT, KEVIN HASSETT IS ONLY -- REALLY THE ONLY OFFICIAL WE'VE HEARD FROM. NOT SURPRISING CONSIDERING THIS IS A WHITE HOUSE THAT AT THE MOMENT IS TRYING TO CONVINCE THE AMERICAN PUBLIC TO FEEL GOOD ABOUT THE ECONOMY AND THEIR PROSPECTS GOING FORWARD AS WE GET CLOSER TO NOVEMBER AND THE COST OF LIVING REMAINS THE NUMBER ONE ISSUE FOR VOTERS.

HE TOUTED CONSTRUCTION JOBS AS A WHOLE, POINTED TO OTHER POSITIVE DATA LIKE STRONG CONSUMER SPENDING WE GOT EARLIER THIS WEEK INSTEAD OF FOCUSING ON THE DOWNSIDE SURPRISE. OUR OWN ANALYST OF LUMBAR ECONOMICS TALK ABOUT HOW THERE ARE SWINGS BACK AND FORTH IN THE LABOR MARKET. THE THREE MONTH MOVING AVERAGE FOR PAYROLLS IS AT 50,000 WHICH REPRESENTS SOLID GROWTH BUT NOT HOT LIKE WE OFTEN HEAR FROM THE NEC DIRECTOR THERE.

TO YOUR POINT AT THE TOP OF THE PROGRAM, THIS IS CAUSING TRADERS TO PAIR THEIR BETS. THAT THERE WILL BE A RATE HIKE AT THE NEXT FOMC MEETING. THAT WILL BE SOMETHING PRESIDENT TRUMP VERY LIKELY WILL WEIGH IN ON CONSIDERING YESTERDAY, HE SPENT A LARGE PART OF THE DAY TALKING ABOUT THE FED CHAIR KEVIN HASSETT. AT FIRST, SAYING HE DISAGREED WITH HIS UNANIMOUS DECISION OF THE FOMC TO HIKE RATES. THEN, TEMPERING THOSE COMMENTS AND SAYING HE WANTS KEVIN WARSH TO DO WHATEVER HE WANTS TO DO.

KAILEY: KEVIN WARSH, KEVIN HASSETT, TO KEY INDIVIDUALS. WE DID HEAR FROM KEVIN HASSETT ON THE JOBS REPORT BUT NOT THE PRESIDENT. WHAT WE'VE HEARD FROM THE PRESIDENT ABOUT POSTING ON TRUTH SOCIAL IS EUROPE AGREEING TO RELEASE STOCKPILED DIESEL AND OIL, SOME OF THE 100 MILLION BARRELS FOR DOES THIS FEND OFF A DIESEL EXPORT BAN IN THE U.S. THAT THE PRESIDENT HAS BEEN TEASING? TYLER: IT APPEARS THIS IS PART OF THE PRESSURE CAMPAIGN FROM THIS WHITE HOUSE.

WE FIRST REPORTED THIS WAS HAPPENING PRIVATELY BEHIND THE SCENES BUT THEN OFFICIALS WERE COMING OUT PUBLICLY SAYING THEY WANTED TO WORK WITH OUR EUROPEAN ALLIES TO GET MORE SUPPLY TO MARKET. THIS IS 100 MILLION BARRELS OF OIL AND DIESEL RESERVES, AMONG THE G7 COUNTRIES. WE SHOULD SAY BACK IN MARCH, THERE WAS A COORDINATED RELEASE AMONG THE 32 COUNTRIES THAT ARE PART OF THE INTERNATIONAL ENERGY AGENCY FOR 400 MILLION BARRELS.

WE HEARD FROM THE IEA DIRECTOR THAT ONLY A THIRD OF THAT HAS ACTUALLY REACHED THE MARKET. PEOPLE FAMILIAR WITH THE MATTER TELL US THAT THIS RELEASE OF 100 MILLION IS PART OF THOSE PLEDGED BARRELS BACK FROM MARK THAT HAVE NOT ACTUALLY GONE TO MARKET YET. AN INTERESTING PART OF THIS BECAUSE IT DOES APPEAR THIS MAY BE PART OF A PREVIOUS COMMITMENT THAT OTHER COUNTRIES HAVE NOT MADE GOOD ON. WE CANNOT SAY THAT U.S. THE FELT'S COMMITMENTS AS PART OF THAT COORDINATED RELEASE EARLIER THIS WEEK ACTUALLY.

IT JUST HAPPENED. A FEW DIFFERENT THREATS TO PULL ON BUT IT IS CLEAR THE ADMINISTRATION DOES NEED MORE SUPPLY TO GET TO MARKET. WE CONTINUOUSLY HEAR THAT HIGHER DIESEL PRICES TODAY, $6.37 A G ALLON, THOS