Tech Stocks Lead Gains as Treasuries and Gold Retreat from Highs

Market Overview

U.S. nonfarm payrolls were sharply revised lower in the annual benchmark adjustment, reinforcing expectations for a Fed rate cut and lifting major tech names. The Nasdaq notched another record high, led by strong gains in Oracle, which surged 27% on robust earnings. In contrast, Apple fell 1.48% after an underwhelming product launch, making it the sole decliner among the “Magnificent Seven.”

Ahead of key inflation data (PPI/CPI) due Wednesday and Thursday, markets turned cautious. U.S. Treasuries ended a four-day rally, with the 2-year yield—sensitive to policy outlook—rebounding 7.4 basis points. The U.S. Dollar Index staged a “down-then-up” reversal. Gold was extremely volatile: after spiking to a record $3,674/oz, it slid more than 1.3% from intraday highs, signaling a potential reversal. On the geopolitical front, WTI crude briefly jumped over 1.9% after reports of an Israeli strike in Doha, before paring gains sharply.

Hot Topics Ahead

U.S. Nonfarm Payrolls Revised Down by 911,000

Preliminary benchmark revisions from the Bureau of Labor Statistics showed that nonfarm payrolls for the year through March were reduced by 911,000 jobs—nearly 76,000 fewer per month. This marks the steepest downward adjustment since 2000. Signs of labor market weakness strengthen former President Trumps argument for Fed rate cuts, while raising doubts about the reliability of BLS statistics. Following the release, gold spiked before retreating, and Treasury yields moved higher.

Israel Confirms Precision Strike on Hamas Leaders in Qatar

Following an explosion in Doha, media reports said Hamas leaders holding a meeting in Qatars capital were targeted. Israel claimed responsibility, saying those struck were directly involved in orchestrating the October 2023 attacks and ongoing operations against Israel. The White House confirmed it was notified in advance.

Key Data to Watch(GMT+8)

20:30 – U.S. August PPI (MoM)

22:00 – U.S. July Wholesale Sales (MoM)

22:30 – U.S. EIA Crude Oil Inventories (week ending Sept 5)

01:00 (Overnight) – U.S. 10-Year Treasury Auction (Yield, Sept 10)