Shares of Reddit, Axon, Watsco, Rivian, and Visteon soared in afternoon trading after the July jobs report showed an unexpected loss of 23,000 jobs, signaling a cooling labor market and boosting bets on a Federal Reserve interest rate cut. Reddit jumped 6.4%, Axon gained 4.4%, Watsco rose 2.7%, Rivian climbed 4.1%, and Visteon added 2.7%. The weaker-than-expected data, with the unemployment rate holding at 4.1%, led investors to anticipate lower borrowing costs, which particularly benefits growth companies by increasing the present value of future earnings. Reddit's move comes amid high volatility, with the stock still down 34% year-to-date and trading 41% below its 52-week high of $270.71 from September 2025.
