Major US indices climbed as strong employment figures and semiconductor results offset geopolitical risks in the region.
US equities closed the week higher, driven by a robust July jobs report and better-than-expected earnings from semiconductor firms. The S&P 500 and Nasdaq posted gains, though financial stocks lagged, with the State Street Financial Select Sector SPDR ETF (XLF) ending lower.
The July nonfarm payrolls report showed 206,000 jobs added, exceeding economist forecasts, while unemployment ticked up to 4.1%. Semiconductor stocks surged after strong quarterly results from key players, bolstering tech sector performance. Geopolitical tensions in the Middle East added volatility but did not derail the rally.
Financials underperformed, with Wells Fargo and Bank of America among the week’s decliners, while crypto-related stocks like IREN and Hut 8, along with Circle Internet, posted gains.