Strong Jobs Data Revives Rate Hike Fears, Sinks Wall Street
SOX has more than doubled off its 52-week low of $5,687.142.
Summary
The August jobs report came in far stronger than expected, with 162K payrolls added versus 55K forecast, reigniting fears that the Fed will raise rates at its September 16 meeting. Treasury yields jumped and the odds of a quarter-point hike rebounded to 60.4%. The major averages slid, with the Dow down 0.7%, but semiconductor stocks bucked the trend, driving the Philadelphia Semiconductor Index up 3.3%. This divergence suggests investors still favor chip names tied to the AI build-out despite macro headwinds. The Fed decision on September 16 is the next key event.
At the time of this announcement, SOX was trading at $11,687.23 on NASDAQ in the Technology sector. The 52-week trading range was $5,687.14 to $14,655.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.