S&P 500 ends at record 7756.44 as weaker July jobs data cools September rate-hike odds
AI Market Summary
A weaker July US jobs report and large downward revisions reduced perceived odds of a September Fed hike (CME FedWatch ~44%), pushing yields lower and lifting risk appetite. Combined with strong earnings breadth, this drove major US equity indexes higher, with the S&P 500 closing at a record. Softer oil prices tied to geopolitical de-escalation further eased inflation concerns, reinforcing the equity bid near-term.
Impact level
● High
Affected assets
NCSISP5002USD/USDT+0.60%
AI Insight · NCSISP5002USD/USDTAI Insight
▲ Bullish
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Preliminary data showed the U.S. July nonfarm payrolls report was weak, with job gains for the prior two months sharply revised lower, while the unemployment rate fell to 4.1%. CME FedWatch put the odds of a rate hike at the Fed’s next meeting at 44%, down from 55% in the prior session and 67% a week earlier. As risk appetite improved, the S&P 500 rose 0.60% to a record close of 7756.44, and the Nasdaq gained 1.29% to 26690.62.
