Shares of RXO, BrightView, SiteOne, ServiceNow, and Rocket Lab soared in afternoon trading after the July jobs report showed an unexpected loss of 23,000 jobs, signaling a cooling labor market. Economists had forecast a gain of around 80,000 nonfarm payrolls, while the unemployment rate held steady at 4.1%. The weaker-than-expected data led investors to bet on possible Federal Reserve interest rate cuts, boosting growth stocks. RXO jumped 6.3%, BrightView rose 5%, SiteOne gained 5.7%, ServiceNow climbed 6.3%, and Rocket Lab surged 9.2%.
