S&P 500 hits record as weak jobs data trims Fed rate-hike bets

S&P 500 closed at a record Friday as weak July jobs data reduced Federal Reserve rate-hike expectations, boosting technology and growth stocks. Nonfarm payrolls fell 23,000 against expected gains, lowering September hike odds to about 44%. The S&P rose 0.6%, Nasdaq 1.3%, and Dow 0.3%, capping Wall Street’s best week since April. Strong earnings drove gains: Atlassian jumped about 36%, Airbnb 15%, and Cloudflare 4%. Oil edged lower as markets monitored Hormuz Strait diplomacy. Over 85% of reporting S&P 500 firms beat expectations.