In August, the U.S. 'Small Nonfarm Payrolls' data revealed a job increase of 38,000, which fell below market expectations. Following the opening of the U.S. stock market, the three primary indices displayed divergent trends. The Nasdaq Composite Index experienced a marginal decline of 0.02%, while the S&P 500 Index registered a slight uptick of 0.08%. The Dow Jones Industrial Average, on the other hand, climbed by 0.38%.
Focusing on individual stocks, Dell Technologies witnessed a remarkable surge in its share price, exceeding 10%. This uptick was attributed to its AI server orders hitting a record high of USD 60.9 billion in the second quarter, prompting the company to revise its full-year revenue projections upwards. Conversely, Credo Technology's stock price plummeted by over 11%, weighed down by earnings pressure in the first quarter, as evidenced by a year-on-year decrease in its GAAP gross margin. Meanwhile, GitLab's stock price soared by more than 20%, buoyed by a more than 40% year-on-year increase in its net Annual Recurring Revenue (ARR) for the second quarter, leading the company to raise its full-year revenue and adjusted EPS forecasts.