As of today, major US stock indices are experiencing gains: the S&P 500 Index is up +0.37%, the Dow Jones Industrial Average is up +0.14%, and the Nasdaq 100 Index is up +0.89%. Positive corporate earnings and a decline in bond yields following the unexpected drop in US July nonfarm payrolls (down by -23,000) are bolstering the market’s uptick.
Atlassian shares surged more than +30% after forecasting stronger-than-expected Q1 revenue, while Cloudflare climbed +15% post-earnings. In chipmaking, Microchip Technology jumped over +12% following optimistic sales forecasts. Additionally, average hourly earnings for July increased by +0.1% month-over-month, lower than the +0.3% forecast, reinforcing market expectations that the Federal Reserve will not raise interest rates soon.
In terms of overseas markets, the Euro Stoxx 50 increased by +0.69%, and Shanghai’s index rose +1.02%. Meanwhile, the 10-year T-note yield fell to 4.62% as markets absorbed the implications of the payroll report.
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