BREAKING: US stock market futures extend gains, with the Nasdaq 100 up +2%, after the September jobs report shows unemployment at its highest since October 2021. Fed Chair Powell explicitly said he is watching the unemployment rate MORE than the headline jobs number. Why? The headline number is being heavily skewed by changes in immigration trends. As a result, odds of future rate cuts will rise as unemployment surges. Bad news is now "good news" for stocks.(The Kobeissi Letter)