Finance

The U.S. labor market unexpectedly shed 23,000 jobs in July, contrasting sharply with economic expectations of positive job growth. While the headline unemployment rate edged downward slightly to 4.1%, the broader contraction softened expectations for near-term interest rate hikes. This shifting dynamic prompted a drop in the 10-year Treasury yield, providing a strong fundamental tailwind for equities.

Collaboration software provider Atlassian experienced its largest-ever single-day percentage surge of over 35% after issuing an upbeat revenue forecast. Vacation rental platform Airbnb also saw its shares advance by more than 17% following a better-than-expected second-quarter performance and a raised full-year outlook. Conversely, advertising technology firm Trade Desk plummeted over 20% on weak future revenue guidance.

Spot gold and December futures rallied sharply, with prices hovering around $4,340 per troy ounce to mark a substantial single-day gain. The precious metal recorded a strong weekly advance exceeding seven percent as investors reacted to weaker domestic employment statistics. Persistent global tensions and inflation concerns kept safe-haven interest in the commodity highly elevated.