Weak Jobs Report Fuels Bets Against September Fed Hike

The US stock market saw gains on Friday after a weak jobs report, which boosted bets that the Federal Reserve won't hike interest rates in September.

The S&P 500 gained 0.62%, while the Nasdaq Composite increased by 1.30%. The Dow Jones Industrial Average rose 0.28%.

Doximity, a medical technology company, stood out with its stock soaring over 30% after revealing exceptional profitability from its new AI search product. CEO Jeffrey Tangney said the economics of the product are 'extraordinary', with the company earning more than 10 times per search in revenue compared to costs.

The weak jobs report showed a loss of 23,000 jobs last month, which is contrary to analysts' expectations of adding 83,000 jobs. This led to increased bets that the Federal Reserve won't hike interest rates in September. The odds of a hike fell to 44% from 58.3%, according to the CME Group's FedWatch gauge.