WS #13624
July nonfarm payrolls fell 23,000 vs +80,000 expected, with downward revisions, sharply reducing Fed hike odds and driving equities, gold, and bonds higher while weakening the dollar. AI-related stocks (Microsoft, Amazon, Palantir, Microchip, Coherent) rallied strongly, with the Nasdaq 100 up ~4% on the week, driven by earnings beats and the unwind of the Situational Awareness fund.
US Labor Market Contraction
July nonfarm payrolls fell 23,000 vs +80,000 expected, with downward revisions, sharply reducing Fed hike odds and driving equities, gold, and bonds higher while weakening the dollar.
AI-related stocks (Microsoft, Amazon, Palantir, Microchip, Coherent) rallied strongly, with the Nasdaq 100 up ~4% on the week, driven by earnings beats and the unwind of the Situational Awareness fund.