July Payrolls Unexpectedly Drop 23K, Nasdaq Futures Jump 0.76%
NDX sits 29% above its 52-week low of $22,841.417.
Summary
The July nonfarm payrolls report shocked with a 23,000 job loss against expectations of an 80,000 gain, while unemployment eased to 4.1% and wage growth slowed to 3.2%. The weak data dampens rate-hike expectations, driving Nasdaq 100 futures up 0.76%. This follows a volatile period for the index, which entered correction territory in late July after an 11% drop from its June record. The payroll miss reinforces the narrative that the Fed may pause tightening, offering relief to rate-sensitive tech stocks. Traders will watch for any Fed commentary that confirms a shift in policy stance.
At the time of this announcement, NDX was trading at $29,373.33 on NASDAQ in the Finance sector. The 52-week trading range was $22,841.42 to $30,762.20. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.