Chinese Buying Lifts Gold And Silver From Technical Support; Jobs Report Shocker And Iran Hopium Trigger Aggressive Stock Buying
Key takeaways
- A weak jobs report has flipped the market into a risk‑on mode, boosting tech, semiconductors, and commodities while setting the stage for a possible SpaceX short squeeze.
- July 2026 payroll loss: 23,000 jobs
- Private payrolls added: 30,000
- Hourly wage growth: 0.1%
What happened
The U.S. nonfarm payrolls report for July 2026 fell far short of expectations, showing a loss of 23,000 jobs versus an 86,000‑job gain forecast, while private payrolls added 30,000 instead of 69,000. Hourly wages rose only 0.1% versus a 0.3% consensus, and unemployment edged up to 4.1% from 4.2%. The shock spurred a surge in early‑day buying in the S&P 500 ETF (SPY) and the QQQ, as well as in semiconductor names such as Micron, SK Hynix, SanDisk, Western Digital and Seagate. Meanwhile, Chinese…
Why it matters
The payroll miss signals a softer labor market and raises doubts about the Fed’s rate‑cut timeline, which can lift risk‑off assets like gold and silver. The unexpected job loss also fuels a rally in tech and semiconductor stocks as investors chase growth themes, while the SpaceX lock‑up creates a potential…
Short-term and longer-term
Short-term. Short‑term traders should watch the August 6 lock‑up for SPCX and monitor SPY/QQQ inflows for signs of sustained momentum.
Longer-term. Over the next few weeks, investors should assess whether the payroll miss signals a broader slowdown that could pressure growth stocks, or if the rally is a temporary risk‑on flare.