Corporate earnings and a long-awaited look at September jobs growth calmed markets beset by simmering economic jitters, from consumer health to whether Silicon Valley’s AI spending boom will last. After markets closed on Wednesday, Nvidia delivered third-quarter financial results that included record sales, stronger profits, and an increase to its sales guidance for the current quarter. Walmart followed suit on Thursday by raising its own full-year outlook after recording sales growth in the most recent quarter. Earlier in the week, Home Depot forecast weaker sales growth this year than it previously anticipated, saying elevated living costs and slower jobs growth have consumers tightening their belts.

In a report delayed by the government shutdown, the Labor Department said on Thursday the economy added 119,000 jobs—a bigger-than-expected rebound with economists polled by Dow Jones predicting a gain of just 50,000. Still, the jobs report may have handed evidence to both sides of the rate-cut debate inside the Federal Reserve. The unemployment rate ticked higher to 4.4% from 4.3%, and revisions dropped a combined 33,000 jobs from previous tallies for the prior two months. In August, the labor market shrank by an estimated 4,000 people. The Labor Department said it won’t release another round of jobs figures until Dec. 16, making Thursday’s report the final update on hiring before Fed officials make their next rate call. Interest rate futures on Thursday suggested that investors view a December rate cut as a toss-up, according to the CME Group’s FedWatch Tool.

PGIM’s Daleep Singh, Vice Chair and Chief Global Economist, shares three insights from the Berlin Global Dialogue on how fiscal dominance, industrial strategy, and global cooperation are reshaping the economic landscape.