Investors and policymakers eagerly await a jobs report on Friday that will show whether the labor market has continued its monthslong cooldown. The fresh report marks one of the last major pieces of economic data before the presidential election.

Stocks rallied after data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000 from economists polled by Dow Jones. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.