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The S&P 500 Index closed up +0.62% on Friday, while the Dow Jones Industrial Average increased by +0.28% and the Nasdaq 100 Index rose +1.19%. This market performance was influenced by corporate earnings strength and a decrease in concerns about Federal Reserve rate hikes, as July nonfarm payrolls fell by 23,000—against expectations of an increase of 80,000—resulting in a cut of the probability of a Fed hike at next month’s meeting to 44% from 58%.
July average hourly earnings rose +0.1% month-over-month, below the anticipated +0.3%. Despite the payroll decline, the unemployment rate dropped to a 13-month low of 4.1%. Additionally, the 10-year T-note yield fell to 4.65%, as the market reacted to the payroll report. Key corporate highlights include Atlassian’s 36% surge after a strong revenue forecast and Microchip Technology rising over 13% after forecasting net sales above consensus.
The WTI crude oil price rose over 1% during trading but later declined after reports indicated the U.S. might lift its blockade of Iranian ports pending a deal on the Strait of Hormuz. On the international front, mixed activity was noted, with the Euro Stoxx 50 closing up +0.33% and Japan’s Nikkei-225 down -0.12%.
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