07.08.202613:36:46UTC+00S&P 500 Tests New Record

US stocks ended mostly higher on Friday as weaker-than-expected labor data eased concerns about a potential Federal Reserve rate hike next month. The S&P 500 gained 0.3% to close at a record high, the Nasdaq 100 advanced 0.9%, while the Dow finished little changed.

Non-farm payrolls unexpectedly declined by 23,000 from the prior month, wage growth slowed, and both the unemployment rate and labor force participation rate edged lower. Together, these indicators helped dispel worries that labor-market strength would continue to fuel inflation.

Treasury yields retreated even as recent Fed communications signaled that the FOMC remains largely focused on its inflation mandate. The move in yields lent support to credit-sensitive equities, reinforcing this week’s rebound in hyperscalers and bank stocks.

SpaceX extended yesterday’s gains, despite the unlocking of $101 billion in shares from post-IPO lockups. In the chip-related space, Sandisk and Western Digital each added 2% after yesterday’s earnings-driven selloff, underscoring ongoing volatility in semiconductor-linked names. Berkshire Hathaway shares were little changed ahead of the company’s earnings release tomorrow.