July Employment Down 23,000, Interest Rate Hike Concerns Ease...S&P500 Strong Except for Semiconductors

Summary

Curator Park Myung-suk reviews the Wall Street session where the S&P 500 hit a new all-time high despite a shock -23,000 July jobs print, as the weak data eased rate-hike fears. Semiconductors, especially memory, continued to lag, but software stocks and optical communications surged. The broadcast also covers Nvidia's valuation, weakness in memory chips, a nuclear stock catalyst in Oklo, and gold's rally on dollar weakness, while noting upcoming CPI data as the next key catalyst.

• July nonfarm payrolls fell by 23,000 vs +80,000 expected, easing immediate rate-hike concerns and lifting equities.
• S&P 500 closed at a record high while Nasdaq outperformed, driven by software and AI-related growth names.
• Semiconductors underperformed, with memory chips pressured by hyperscaler cost-efficiency drives; Nvidia remains the exception.
• Software stocks rebounded strongly as earlier 'SaaS apocalypse' fears reversed, with AI now seen as a benefit.
• Optical communications rallied on new US sanctions on Chinese transceivers and the launch of the Roundhill LYT ETF.
• Oklo surged after its test reactor reached criticality and it reported an unexpected revenue beat.
• Gold strengthened on dollar weakness from Japan's yen intervention and saw the largest inflows since April.
• Iran nuclear deal uncertainty persists with reports of a quiet diplomatic track, limiting oil price upside for now.