S&P 500 Closes at Record 7,757.64 as 23,000 July Job Loss Spurs Fed Pause Bets
Updated
Updated · CNBC · Aug 5
S&P 500 Closes at Record 7,757.64 as 23,000 July Job Loss Spurs Fed Pause Bets
3 articles · Updated · CNBC · Aug 5
Summary
The S&P 500 rose 0.62% to 7,757.64 for a record close after July nonfarm payrolls unexpectedly fell by 23,000, versus forecasts for an 83,000 gain.
Fed-rate expectations swung sharply: most futures traders now see the benchmark rate staying at 3.50%-3.75% in September, after markets a day earlier had priced a 55% chance of a quarter-point hike.
The Nasdaq jumped 1.3% to 26,690.62 and the Dow added 151.83 points to 54,036.93, capping the strongest week for all three major indexes since April.
Chip and software shares powered the advance, with the semiconductor ETF up more than 7% for the week, while Atlassian surged 35%, Airbnb 17% and Cloudflare more than 5% after upbeat results.
Oil also edged higher—WTI settled at $78.18 and Brent at $83.55—as investors watched for a possible U.S.-Iran deal to reopen the Strait of Hormuz, adding to a broader easing in market worries.