Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.

The U.S. added 254,000 jobs in September, and the unemployment rate ticked lower to 4.1 percent, according to Labor Department data released Friday. The September jobs report blew past

The U.S. economy likely maintained a moderate pace of job growth in September while the unemployment rate is expected to have held steady at 4.2%, which would further reduce the need for the Federal Reserve to deliver large interest rate cuts in its final two meetings of the year.