U.S. Nonfarm Payrolls Decline, Boosting Tech Stocks and AI-Related Sectors

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The Fear and Greed Index declined as U.S. nonfarm payrolls dropped in July, prompting traders to reduce expectations for rate hikes. The Nasdaq rose 0.77%, the S&P 500 gained 0.33%, and the Dow increased 0.10%. Storage and optical communication stocks surged, with AAOI up over 7% and Coherent jumping more than 9%. Altcoins to watch may benefit from the shift in market sentiment.

BlockBeats news: On August 7, the U.S. July non-farm payrolls unexpectedly declined, prompting traders to reduce bets on Federal Reserve rate hikes, leading to a broad rally in U.S. stocks. The Nasdaq opened up 0.77%, the S&P 500 rose 0.33%, and the Dow increased 0.10%.


According to BIT (bit.com) market data, storage-related stocks opened higher, with SanDisk rising over 3%. Optical communication stocks generally advanced, with optical module manufacturer AAOI climbing over 7% as the company expects its production capacity to expand tenfold within two years, with 1.6T certification from a major client potentially achieved in as little as two weeks; Coherent rose over 9%.


In the chip sector, SK Hynix fell 1.64%, while Micron rose 1.19%. Storage stocks and neocloud stocks largely followed suit with gains, with SNDK up 3.21% and NBIS up 1.16%.

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