Stock market today: Stocks mixed after markets see odds rise for larger rate cut after August jobs miss

• US stocks were mixed Friday after the August jobs report missed economist estimates.
• The US economy added 142,000 jobs in August, below the 164,000 estimate; the unemployment rate fell to 4.2%.
• "Overall, still consistent with an economy experiencing a soft landing," economist Paul Ashworth said.

US stocks wavered on Friday after the August jobs report slightly missed economist estimates.

The US economy added 142,000 jobs in August, below the average economist estimate of 164,000. The unemployment rate fell to 4.2% from 4.3%.

The report is viewed as solidifying the prospects of a soft landing in the US economy, according to Capital Economics.

"Overall, still consistent with an economy experiencing a soft landing rather than plummeting into recession," Paul Ashworth, economist at Capital Economics, said in a note following Friday's jobs report.

The odds of a big interest rate cut at the Federal Reserve's September 18 FOMC meeting surged after the jobs report.

According to the CME FedWatch Tool, markets see a 51% chance of the Fed cutting rates by 50 basis points later this month, which was a jump from 40% odds on Thursday.

But Ashworth doesn't see that happening, and instead believes a 25 basis point rate cut is more likely.

"We suspect the Fed will start with a 25bp cut, but acknowledge it's a close run decision," Ashworth said.

The August jobs report can ultimately play into a bullish outlook for the stock market, according to Independent Advisor Alliance CIO Chris Zaccarelli.

"While the bears have plenty to work with – in terms of a softening labor market and a slowing economy – the facts still show an economy that is expanding and not one that is imminently headed into recession, and for that reason we believe that once the election is behind us, we will see this bull market resume climbing to new all-time highs before the next bear market begins," Zaccarelli said in an email to Business Insider.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

• S&P 500 : 5,500.43, down 0.05%
• Dow Jones Industrial Average : 40,880.36, up 0.31% (+124.61 points)
• Nasdaq composite : 17,019.97, down 0.67%

Here's what else is going on:

• 'Big Short' investor Steve Eisman explains why he refuses to predict another financial crisis.
• Apple could unveil four upside surprises when it announces its iPhone 16 lineup next week, according to Goldman Sachs.
• Senator Elizabeth Warren backs the DOJ's investigation into Nvidia antitrust allegations.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil increased 0.64% to $69.59 a barrel. Brent crude , the international benchmark, jumped 0.56% to $73.10 a barrel.
• Gold was down 0.12% to $2,540.00 an ounce.
• The 10-year Treasury yield was flat at 3.732%.
• Bitcoin rose 1.17% to $56,824.