Markets Rally on Surprise U.S. Job Losses, Airbnb Soars and Trade Desk Tanks | Markets P.M. for Aug. 7 - WSJ — SkimNews
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- U.S. employers unexpectedly lost 23,000 jobs in July, per a CNBC headline, marking a surprise reversal from prior expectations.
- Markets rallied on the surprise labor-market data on Aug. 7, with Airbnb soaring and Trade Desk tanking, according to the WSJ Markets P.M. wrap.
Why it matters: A 23,000-job decline when economists expected gains flips the labor-market narrative and likely pulls forward expectations of Fed rate cuts — which is why equities rallied despite the bad headline. The split tape, with Airbnb soaring and Trade Desk tanking, shows investors aren't reading this as a uniform risk-off event.
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