Finance

The U.S. economy shed 23,000 nonfarm payroll jobs in July, confounding Wall Street projections for an expansion. Despite the unexpected workforce contraction, the unemployment rate ticked down slightly to 4.1% alongside a decline in labor force participation. Financial markets adjusted rapidly to the update, virtually eliminating expectations for a Federal Reserve interest rate hike in September.

Collaboration software provider Atlassian experienced its largest single-day percentage leap ever, skyrocketing over 35% on the back of impressive quarterly revenue and profit outcomes. Concurrently, Microchip Technology surged nearly 14% to record its best daily session in over a year after delivering an upbeat sales forecast. Investors showed a strong preference for enterprises successfully capitalizing on artificial intelligence solutions.

Gold futures jumped over 2% to close near $4,400 per ounce, approaching their highest trading levels in two months. The rally in bullion coincided with a retreat in the benchmark 10-year U.S. Treasury yield, which slipped down to 4.64%. The soft macro labor indicators and cooling yields fueled heightened demand for basic materials and safe-haven assets.