A.M. Update

S&P futures are up 0.9% after an extremely weak payrolls report, a classic “bad news is good news” reaction: a labor market this soft makes the Fed more reluctant to hike. Nonfarm payrolls increased by 29K (consensus 100K) from the downwardly revised prior increase of 133K (from 162K). August that was revised down by 29,000,…