According to the U.S. Bureau of Labor Statistics, nonfarm payrolls unexpectedly declined by 23,000 on August 7, revealing a cooling labor market. The surprise decline eased investor concerns about potential Federal Reserve interest rate hikes, with markets pricing in a higher probability of a pause in September. The S&P 500 index rose 0.36%, the Nasdaq Composite gained 0.80%, and the Philadelphia Semiconductor index surged 2.32%. The 10-year U.S. Treasury yield fell 6 basis points to 4.62%, while the U.S. dollar index declined to 99.49.
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