Cloudflare IncCloudflare jumped over 5% on strong earnings, reflecting positive financial performance.
US stocks closed higher on Friday, with the Dow Jones Industrial Average rising 151.83 points to 54,036.93. The S&P 500 gained 47.68 points to 7,757.64, a record high, and the Nasdaq surged 342.26 points to 26,690.62. The main driver was the US nonfarm payrolls report, which showed a decline of 23,000 jobs in July, sharply missing economists' expectations for an increase of 80,000. This eased market concerns that the Federal Reserve would raise interest rates at its September meeting. According to the CME FedWatch Tool, most traders now expect the Fed to keep its policy rate steady at 3.50% to 3.75%. Software stocks boosted the market on strong earnings, with Cloudflare jumping over 5%, Atlassian soaring 35%, and Airbnb climbing 17% after reporting better-than-expected results. In European markets, the STOXX 600 index closed at 660.25, up 0.31%, marking a record high for the fourth straight session, supported by tech stocks and positive corporate earnings.
Cloudflare IncCloudflare jumped over 5% on strong earnings, reflecting positive financial performance.
Atlassian Corp PlcAtlassian soared 35% after reporting better-than-expected results, driven by strong earnings.
Airbnb IncAirbnb climbed 17% after reporting better-than-expected results, indicating strong demand for its services.
Weak jobs data reduces likelihood of Fed rate hike, leading to expectations of steady rates, which is negative for the effective federal funds rate as it stays low.
Weak jobs data reduces likelihood of Fed rate hike, leading to expectations of steady rates, which is negative for the 10-year yield as it stays low.