US Stocks Bounce Back Despite Weaker Jobs Data

The US stock market saw a boost on Friday, August 7, despite the release of weaker-than-expected nonfarm payroll data. The unemployment rate remained steady at 4.1% in July, missing estimates.

The Dow Jones Industrial Average surged nearly 120 points to close at 53,885.10, while the Nasdaq Composite index gained 350 points to end at 26,348.35.

Nasdaq 100 futures outperformed their counterparts, soaring by 174 points or 0.6% to trade around 29,662.25. S&P 500 futures also rose, gaining 19 points or 0.25% to trade at 7,753.75.

Capital Economics analysts predicted US non-farm payrolls would come in around 90,000 for July, but warned of risks if the unemployment rate ticks back up to 4.3%. Barclays also cautioned that investors are becoming more cautious about U.S. assets due to Federal Reserve uncertainty and growing risks surrounding Japan's currency.