Huo Xing Finance reports: On Friday, August 8, U.S. stock markets closed strongly, with all three major indices rising, as the S&P 500 set a new all-time high and the Nasdaq climbed over 1%. However, the storage sector underperformed, drawing market attention. At close, the S&P 500 rose 0.62%, setting a record closing high; the Nasdaq advanced 1.3%; and the Dow Jones Industrial Average gained 0.28%. For the week, the Dow rose 2.96%, the Nasdaq surged 5.19%, and the S&P 500 climbed 3.58%, marking their largest weekly gains since mid-April. Major tech stocks generally rose, with NVIDIA and Tesla up more than 2%, and Microsoft, Apple, Amazon, and Meta posting modest gains. SpaceX rose over 15%, as investors viewed the absence of significant selling pressure following its first large-scale lock-up expiration as a positive sign, alongside improved long-term growth expectations. Driven by rising precious metal prices, U.S. gold stocks rallied collectively: Coeur Mining surged over 11%, Kinross Gold and Harmony Gold rose over 9%, and Newmont and Goldcorp climbed over 7%. The optical communications sector also performed strongly, with Coherent up over 13% and II-VI Incorporated rising over 9%. In contrast to the broader market rally, the storage sector declined broadly: Seagate Technology fell over 4%, Western Digital, SanDisk, and SK Hynix ADRs dropped over 3%, and Micron Technology eased 0.44%. Notably, Jefferies大幅 lowered SanDisk’s 12-month price target from $3,000 to $1,750, while Citigroup reduced its target from $2,500 to $2,100. The market rally was primarily driven by two factors. First, U.S. July non-farm payroll data unexpectedly turned negative, weakening expectations that the Federal Reserve would further tighten policy in September. CME FedWatch data shows the probability of a rate hike at the next Fed meeting has fallen to approximately 44%, below previous levels. Second, U.S. earnings season has remained robust: so far, 436 companies in the S&P 500 have reported earnings, with 85.1% exceeding analyst expectations—significantly above the long-term average.
Storage Sector Declines Amid Broader Market Gains; Nasdaq Rises 5.19% for the Week
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Summary
The digital asset market remained volatile as the broader stock market advanced. U.S. major indices closed higher on August 8, with the S&P 500 reaching a record high and the Nasdaq rising over 1%. The storage sector underperformed, with Seagate and Western Digital down more than 3%. The Nasdaq gained 5.19% for the week—the largest weekly increase since mid-April—driven by weak July nonfarm payrolls and strong earnings. The Fear & Greed Index showed mixed signals as traders balanced optimism with caution.
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