The S&P 500 index continues to drop, falling in intraday trading to over 2.6% down from its late-September high. A mixed monthly jobs report from the BLS included sharp upward revisions for July and August numbers, causing the spike in bond yields on USTs to continue.

CNBC: “Friday’s jobs report could trigger a stock market correction if wage figures come in too hot”
CNBC: “Job growth slumps in September, but the unemployment rate hits the lowest level since 1969”

* The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest level since December 1969 and one-tenth of a percentage point below expectations.

* Nonfarm payrolls rose just 134,000, well below estimates of 185,000 and the worst performance since last September, when a labor strike weighed on the numbers.

* The closely watched average hourly earnings component showed a 2.8 percent year-over-year increase, in line with Wall Street estimates.

* August’s initial jobs count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000.

CNBC: “US 10-year yield jumps to a fresh 7-year high after unemployment rate falls to lowest in 49 years”
MarketWatch: “Get ready for an 8% to 13% stock market correction” (based on large cap divergence from other stocks)
CNBC: “The most influential endowment manager just jumped into crypto with bets on two Silicon Valley funds” (i.e., Yale’s David Swensen)
WS: “In Defense Of Lindsey Graham’s Righteous Rage” by Barton Swaim