Recent soft September nonfarm payrolls of just 29,000 jobs, well below consensus, with downward revisions, have lifted the S&P 500 to 7,722.72 as of October 2 by reducing October FOMC rate-hike odds to around 23%. Traders now focus on whether services-sector data and policy signals confirm a cooling labor market without reigniting inflation concerns. The S&P 500 trades within 1% of its record high amid mixed weekly performance and elevated Treasury yields near multi-decade peaks. Key catalysts for the week of October 5 include the ISM Services PMI on Monday and FOMC minutes on Wednesday, which could shift implied probabilities around key index thresholds by clarifying the Fed’s reaction function.