The jobs report missed badly, and Wall Street cheered. U.S. employers added just 29,000 jobs in September, far below the 90,000 economists expected, and July and August were revised down by a combined 60,000 jobs.

So why did stocks rally? Because weaker hiring reduced the pressure on the Federal Reserve to hike again. By Friday's close, traders put the chance of an October rate hike near 23%, down from 64% a week earlier. The S&P 500 gained about 0.7% and the Nasdaq rose about 1.2%.

This wasn't a collapse. Unemployment only edged up to 4.2%, and layoffs are not broadly surging.

The next test is September CPI on October 14. Hot inflation could put rate-hike risk right back on the table.

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