U.S. stocks posted their best week since April after July payrolls missed expectations, easing rate-hike fears. The S&P 500 closed at a record 7,757.64. Airbnb and Microchip surged; Trade Desk slumped. Bitcoin and Ethereum ETFs saw renewed inflows.
U.S. stocks delivered their strongest weekly performance since April, with the S&P 500 closing at a record and the Dow Jones Industrial Average also hitting an all-time high. The catalyst was a softer-than-expected July employment report that reduced the urgency for a Federal Reserve rate hike in September.
Nonfarm payrolls unexpectedly fell by 23,000 jobs in July, missing expectations for an increase of roughly 80,000, the Bureau of Labor Statistics reported Friday. The unemployment rate edged down to 4.1%. The 10-year Treasury yield eased toward 4.64%, supporting equities.
The S&P 500 closed at 7,757.64, up 3.58% for the week. The Dow added 2.96%, and the Nasdaq Composite gained 5.19%. The Russell 2000 small-cap index rose 3.5%.
Eight of the 11 S&P 500 sectors finished higher on Friday. The semiconductor space led, with the SOXX ETF advancing more than 7% on the week.
Several stocks posted outsized moves. Atlassian (TEAM) surged 35% on Friday, its largest one-day percentage gain on record, after a strong revenue outlook. Airbnb (ABNB) jumped 17% after a second-quarter revenue beat. Microchip Technology (MCHP) advanced 14%. Trade Desk (TTD) dropped 22% after issuing weaker-than-expected third-quarter guidance.
Airbnb has an Alpha Score of 52 out of 100, labeled Mixed. Trade Desk scores 42, also Mixed. Microchip Technology scores 28, labeled Weak.
Bitcoin traded near $65,000, roughly 50% below its October 2025 peak. The spot Bitcoin ETF (IBIT) traded near $36.60, and the Ethereum ETF (ETHA) near $14.45. Both ETFs have seen a return of institutional inflows in early August after months of net outflows. BlackRock's IBIT recorded multi-hundred-million-dollar inflow days, and ETHA posted positive days above $50 million, according to data from the issuers. The soft jobs report has raised hopes for eventual Fed easing, a historically positive backdrop for crypto. The CLARITY Act, a market-structure bill clarifying SEC and CFTC roles, remains a live legislative catalyst. Long-term holders and large wallets have continued adding Bitcoin and Ethereum during the drawdown, and exchange balances are trending lower.
Gold had one of its strongest weeks of the year, climbing roughly 5% to 8% and trading toward $4,300, its best weekly performance since January. Oil prices were mixed amid Middle East developments.
Markets will watch upcoming inflation data and remaining earnings reports for further direction on the Fed's path under Chair Kevin Warsh.
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