Stocks are higher despite jobs missing consensus. But August numbers held up well, the U.S. added 130k jobs, average hourly earnings were stronger than forecast at 3.2% year-on-year, and labor force participation rate rose two-tenths to 63.2%.

However, investors were awaiting Fed President Jerome Powell’s speech in Zurich for signs about future monetary policy. He said the Fed isn’t forecasting a recession for the U.S. or the globe, affirming he sees moderate growth ahead for the U.S. economy. As with his Jackson Hole speech last week, Powell’s comments leaned a bit less dovish than some had hoped.

Nine of the 11 S&P 500 sectors are higher, with materials and consumer discretionary sectors leading the way.  The Communication Services and Utilities sectors are the laggards.