S&P 500 Hits a Record Close and Caps Its Best Week Since April as a Shock Jobs Loss Cools Rate-Hike Fears — Doximity Doubles, Atlassian Soars 35%

A Weak Jobs Report Sends the S&P 500 to a Record Close

Payrolls Unexpectedly Fell by 23,000 in July, Cooling Fed Rate-Hike Bets

• The Labor Department's July jobs report was the day's dominant story: nonfarm payrolls fell by 23,000, badly missing economist forecasts for a gain of roughly 80,000.
• The unemployment rate ticked down to 4.1% from 4.2% — but only because labor-force participation slid to 61.4%, its lowest level in more than five years, meaning fewer people were even looking for work.
• Traders read the miss as a sign the Fed is less likely to raise rates at its September meeting: CME FedWatch odds of a hike fell to about 44%, down from 55% in Thursday's session.
• The S&P 500 rallied to a fresh record close, up ▲ 0.62% to 7,757.64, while the Nasdaq led the majors with a ▲ 1.30% gain.

Software and Travel Earnings Fuel the Rally as Adtech and Diagnostics Stumble

• Blowout earnings from smaller and mid-cap names set Friday's tone: Doximity, Atlassian, Airbnb, and Natera all surged double digits — Doximity's shares roughly doubled — on Q2 beats and raised guidance.
• Not every earnings report landed well. The Trade Desk (TTD) crashed to a seven-year low after Q2 revenue growth of just 3% and Q3 guidance of $650 million, well below the $807 million Wall Street expected.
• Diagnostics also had a rough day: QuidelOrtho (QDEL) tumbled despite beating Q2 sales, after the company trimmed its full-year 2026 revenue and EPS guidance.
• Gold jumped ▲ 2.67% to $4,352.60 an ounce and the Russell 2000 gained roughly ▲ 1.1%, both benefiting as traders priced in a less hawkish Fed.

Doximity Nearly Doubles as AI-Driven Earnings Beats Rule the Day

• Doximity (DOCS) led all gainers, its shares roughly doubling after the physician-network platform's AI-powered clinical search tools proved profitable sooner than expected.
• Atlassian (TEAM) surged ▲ 35% on a blowout Q4 report powered by AI features in Jira, while Natera (NTRA) added ▲ 20.5% on a narrower-than-expected quarterly loss.
• Airbnb (ABNB) rose ▲ 16% on a Q2 revenue beat, and Microchip Technology (MCHP) gained ▲ 11.7%.
• The rally wasn't limited to earnings winners — small-cap and gold-linked names also benefited from cooling Fed rate-hike bets after the jobs report.

S&P 500 Notches a Record Close in Its Best Week Since April

• The S&P 500 closed at a record 7,757.64, up ▲ 0.62% on the day and ▲ 3.58% for the week — its strongest weekly performance since April.
• The Nasdaq Composite gained ▲ 1.30% to 26,690.62 (▲ 5.19% weekly), while the Dow added ▲ 0.28% to 54,036.93 (▲ 2.96% weekly).
• The 10-year Treasury yield fell to about 4.60% from 4.67% just before the jobs report, and gold jumped ▲ 2.67% to $4,352.60 an ounce.
• Oil moved the other way: WTI crude slipped to roughly $78.20 a barrel (down 3.44% for the week), while Brent climbed to $83.47 amid lingering Iran-related tensions in the Strait of Hormuz.

What to Watch the Week of August 10

• Markets are closed for the weekend; trading resumes Monday, August 10, with the S&P 500 coming off a record close and its best week since April.
• July CPI inflation data is the week's headline event and could help seal the Fed's September rate call after Friday's shockingly weak jobs report.
• July PPI data follows a day later, rounding out the inflation picture ahead of the Fed's next meeting.
• Earnings continue next week with CoreWeave, Applied Materials, and Cisco all scheduled to report.
• The Strait of Hormuz remains a wildcard for oil prices, with Iran-related tensions still unresolved heading into next week.