US economy added 29,000 jobs in September, a slower pace than expected

Impact · against what's priced in

The soft September jobs report is largely non-material for the specific fundamental drivers of MU, META, and AMZN, as their current valuations depend on AI demand and specific regulatory/legal outcomes rather than broad macro-labor data. While the news increases the probability of rate cuts, the reconstructions for these names already incorporate high interest rate headwinds, making the shift a minor tailwind rather than a catalyst.

AMZN+0.10

Already priced in

The price assumes

geopolitical and macro headwinds currently in circulation, including... high interest rates