WS #13640

The dominant market narrative is a risk-on rally driven by the weak July jobs report, which showed a contraction of 23,000 jobs versus expectations of +80,000, lowering the odds of a Fed rate hike in September to ~44-45%. This pushed the S&P 500 to a record close of 7,757.64 (+0.62%), the Nasdaq to +1.3%, and the Dow to +0.28%. Treasury yields fell (10Y to 4.64%, 2Y to 4.20%). This is corroborated by multiple sources (AP, GDELT, Kiplinger, etc.). The rally is broad-based, with tech leading, but there are notable divergences: Doximity (DOCS) surged over 30% on exceptional AI search unit economics, while The Trade Desk (TTD) fell 21.9% and SpaceX (SPCX) rose 15.8% despite a lockup expiration. The weak jobs data is a counter-signal to the prior hawkish Fed narrative, dampening rate-hike fears and supporting growth stocks.