S&P 500 hits record high as soft jobs data eases rate hike fears

Macro
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Summary · why it matters

The S&P 500 index hit a new all-time high in the US stock market. The July employment report came in unexpectedly soft, with nonfarm payrolls falling by 23,000 from the previous month, the first decline in five months, pushing the probability of a September rate hike by the Federal Reserve down to about 44 percent. Among individual stocks, Elon Musk's space company SpaceX surged 15.8 percent. Atlassian soared 35.3 percent and Microchip Technology rose 13.9 percent, both after quarterly revenue outlooks beat expectations. Airbnb climbed 17.4 percent, topping the gainers among S&P 500 constituents.

Impact on stocks 4

Semiconductors · 1 stocks
Cloud & Digital Infrastructure · 1 stocks
Atlassian Corp Plc
TEAM
▲ PositiveCapitalrelevance

Atlassian soared 35.3% after quarterly revenue outlook beat expectations.

Consumer Discretionary · 1 stocks
Airbnb Inc
ABNB
▲ PositiveDemandrelevance

Airbnb climbed 17.4%, topping S&P 500 gainers, likely benefiting from strong travel demand.