The cryptocurrency market got a lift on Friday after a weaker-than-expected U.S. jobs report cooled expectations for another Federal Reserve rate hike. Bitcoin rose roughly 3.4%, while crypto-linked equities including Coinbase and Strategy (formerly MicroStrategy) each gained about 3%. The Nasdaq Composite closed at a record high as falling Treasury yields and lower oil prices supported a shift back into riskier assets.
The U.S. economy added just 29,000 jobs in September, well below the roughly 90,000 economists had forecast. Figures for previous months were also revised down. The soft labor data reduced the probability of a near-term rate increase, and Treasury yields retreated after the 10-year yield recently touched a 24-year high of 5.34%. Nvidia gained about 2.5%, and the Philadelphia Semiconductor Index rose more than 3%.
In other macro news, the G7 agreed to release 100 million barrels of diesel, crude and other reserves through the International Energy Agency. The move was aimed at cooling fuel prices after disruptions tied to the Iran conflict. Oil fell more than $3, with Brent crude dropping below $100 per barrel, which could ease inflationary pressure and give the Federal Reserve more room on rates.
Tesla was another driver of risk appetite. The electric vehicle maker reported third-quarter deliveries of 486,532 vehicles, beating analyst estimates of roughly 456,900 to 461,974. Model 3 and Model Y deliveries came in at 478,237, above FactSet’s estimate of 435,000. Tesla shares climbed about 5%, although energy storage deployments missed expectations at 13.7 GWh versus 15.9 GWh. The company is scheduled to report full Q3 financial results on October 21, with investors focused on cash flow and Optimus production timing.
Jim Cramer offered a different bullish take, saying Tesla’s growth catalyst is tied to SpaceX rather than quarterly delivery numbers. He noted that Tesla converted its $2 billion xAI investment into a direct minority stake in SpaceX earlier this year, giving shareholders exposure to SpaceX’s expanding compute capacity. Cramer also said rising gasoline prices are pushing more consumers toward electric vehicles. Tesla stock remained down more than 15% year to date, even after Friday’s gain.
Nike bucked the positive trend, with shares near a 12-year low as weak demand in China and softness in the Jordan brand continued. The company recently announced more job cuts and said many financial benefits from its restructuring may not appear until 2029 or 2030.
For crypto investors, the combination of a weaker dollar environment, falling yields, cheaper crude, and renewed risk appetite provided a supportive backdrop. Attention now turns to upcoming inflation data and third-quarter earnings to determine whether softer economic data can lower borrowing costs without signaling a deeper U.S. slowdown.
