Stocks Settle Higher as Weak Jobs Report Eases Rate Hike Fears

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Summary · why it matters

Stocks settled higher on Friday as a weaker-than-expected US jobs report reduced fears of imminent Federal Reserve rate hikes. The S&P 500 rose 0.62%, the Dow Jones Industrial Average added 0.28%, and the Nasdaq 100 gained 1.19%. US July nonfarm payrolls unexpectedly fell by 23,000, the first decline in five months, while average hourly earnings rose just 0.1% month-over-month, below forecasts. The report lowered the probability of a rate hike at the September FOMC meeting to 44% from 58% before the data. Corporate earnings also supported the market, with Atlassian surging more than 35% after forecasting stronger-than-expected Q1 revenue, and Microchip Technology rallying over 13% on an upbeat net sales outlook.

Impact on assets 43

Cloud & Digital Infrastructure▲
Atlassian Corp Plc
TEAM
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Atlassian surged more than 35% after forecasting stronger-than-expected Q1 revenue.

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