WS #13606
US July jobs report showed a loss of 23,000 jobs vs +83,000 expected, with downward revisions, cutting September rate hike odds to 44% and driving stocks higher, yields lower, and dollar weaker. Cloudflare (NET) gapped up on strong Q2 results and multiple analyst PT raises, while Atlassian (TEAM) surged 30% on strong cloud demand, and Airbnb (ABNB) raised guidance, boosting tech sentiment. Aswath Damodaran says Microsoft, Amazon, Meta, Google are collectively overinvesting in AI, calling it 'betting, not investing,' while Nikkei reports US tech giants amassed $1.46T in physical assets and bled $95B in cash in Q2.
Weak July Jobs Report and Fed Rate Hike Odds
US July jobs report showed a loss of 23,000 jobs vs +83,000 expected, with downward revisions, cutting September rate hike odds to 44% and driving stocks higher, yields lower, and dollar weaker.
Cloudflare (NET) gapped up on strong Q2 results and multiple analyst PT raises, while Atlassian (TEAM) surged 30% on strong cloud demand, and Airbnb (ABNB) raised guidance, boosting tech sentiment.
Aswath Damodaran says Microsoft, Amazon, Meta, Google are collectively overinvesting in AI, calling it 'betting, not investing,' while Nikkei reports US tech giants amassed $1.46T in physical assets and bled $95B in cash in Q2.