Pre-Market Update: US Stocks Rise After Soft Jobs Report Raises Fed Rate Cut Hopes
TLDR
- The US economy lost 23,000 jobs in July, far below the expected gain of 80,000 to 95,000 jobs
- The unemployment rate dipped slightly to 4.1%, down from 4.2%
- Stock futures rose across the board, with Nasdaq 100 futures leading at up 0.8%
- Treasury yields fell, with the 2-year note dropping to 4.18% and the 10-year to 4.62%
- Oil prices rose as US-Iran tensions continued, with explosions reported near the Strait of Hormuz
The US economy shed 23,000 jobs in July, a sharp miss against economist forecasts that had called for gains of between 80,000 and 95,000 jobs. The unemployment rate edged down to 4.1% from 4.2% the month before.
BREAKING: The US economy unexpectedly loses -23,000 jobs in July, well below expectations of +85,000.
The unemployment rate fell to 4.1%, below expectations of 4.2%.
June's jobs number was also revised down by -37,000 jobs.
This marks the 3rd biggest monthly job loss since theโฆ
- The Kobeissi Letter (@KobeissiLetter) August 7, 2026
Stock futures responded positively to the weaker-than-expected data. Dow futures added 0.2%, S&P 500 futures climbed 0.4%, and Nasdaq 100 futures led the way with a 0.8% gain.
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