Nonfarm Payrolls Miss Ignites Rate-Cut Trades, Optical Interconnects Start to Steal Storage's Thunder
- US July non-farm payrolls unexpectedly fell by 23,000, missing the market expectation of an 80,000 increase.
- The labor force participation rate dropped to a more than five-year low, while May and June employment data were revised down by a combined 103,000.
- Following the employment data release, the probability of a September Fed rate hike fell from around 55% to 40%.
- AI infrastructure is seeing a shift in market sentiment, with optical communications outperforming the storage sector.
- Major companies like Coherent and AAOI saw significant stock gains, while storage companies like Seagate and Western Digital experienced declines.
Last Friday, US July non-farm payrolls reported a surprising decline of 23,000, significantly lower than the anticipated increase of 80,000. This drop has caused the labor force participation rate to fall to its lowest level in over five years, and revisions to previous months' employment data showed a downward adjustment of 103,000 jobs.
In response to the disappointing employment figures, market expectations for a September Federal Reserve rate hike were sharply reduced, with the likelihood of a hike decreasing from approximately 55% to 40%. Following this news, US equities saw a robust rebound, with the Dow, Nasdaq, and S&P 500 all closing higher.
Meanwhile, the AI infrastructure sector is experiencing a shift in focus, as optical communications begin to outperform traditional storage solutions. Companies such as Coherent and AAOI have seen significant stock price increases, while storage firms like Seagate and Western Digital faced declines, indicating a potential rotation in market sentiment towards optical technologies.
非农就业数据不及预期引发降息交易，光互连开始超越存储
上周五，美国7月非农就业人数意外减少23,000，显著低于预期的增加80,000。这一下降导致劳动力参与率降至五年多来的最低水平，且前几个月的就业数据被下修，总计减少了103,000个工作岗位。
对此令人失望的就业数据，市场对9月美联储加息的预期急剧降低，加息的可能性从约55%降至40%。在这一消息发布后，美国股市强劲反弹，道琼斯指数、纳斯达克和标准普尔500指数均收盘上涨。
与此同时，人工智能基础设施领域正经历关注点的转变，光通信开始超越传统存储解决方案。Coherent和AAOI等公司股票价格大幅上涨，而Seagate和Western Digital等存储公司则出现下跌，显示出市场情绪向光学技术的潜在轮换。