Following Friday’s jobs data, Bank of America analysts changed their call for the November Fed meeting. They now expect policymakers to cut rates by 25 basis points, rather than 50.

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%.