US equities were slightly lower this week, with the S&P 500 and Nasdaq both breaking three-straight weeks of gains. Geopolitical risk sparked a ramp in oil prices this week, which could add risk to the soft-landing narrative and potentially put upward pressure on inflation. The big data report this week was September payrolls, which came in at 254K, above 150K consensus, while the prior two months were revised up 72K and the unemployment rate ticked down slightly to 4.1%.