Weak US jobs report sends Wall Street to record highs — August 9, 2026

Top U.S. Stories

• July nonfarm payrolls fell by 23,000, while the unemployment rate was 4.1% and May-June payrolls were revised down by a combined 103,000. Why it matters: the softer labor data raised expectations that the Fed can wait longer before raising rates.
• The S&P 500 closed at a record 7,757.64 and the Nasdaq Composite rose 342.26 points to 26,690.62 on Friday, while the Dow added 151.83 points to 54,036.93.
• The U.S. Senate passed a sweeping Russia sanctions package, 86-11, which would let President Trump impose tariffs of up to 100% on leading buyers of Russian oil and gas. Why it matters: the bill now awaits House action and could affect major importers such as China and India.
• Spokane-area wildfires, including the Old Trails Fire, destroyed at least 700 structures and forced roughly 67,000 people to evacuate; a man was arrested on suspicion of arson in connection with the Old Trails Fire source.
• The ceasefire between the U.S. and Iran remains fragile, with Tehran signaling it has rebuilt military capacity in case talks collapse again. Why it matters: renewed hostilities could reignite the oil-price volatility seen earlier this summer.
• Millions of Shia pilgrims gathered in Karbala, Iraq for the Arbaeen commemoration, one of the world’s largest annual religious gatherings.

Markets

Brent crude rose 1.3% on August 7 source. The dollar bought roughly 158.34 yen as of August 7. Japan’s Nikkei 225 slipped 0.12% to 65,606.71 on Friday.

Stocks in Focus

Semiconductor and AI-linked names are back in focus as traders price in a lower chance of a near-term Fed hike. Energy and refining stocks remain sensitive to the Russia sanctions bill and volatile oil prices.

Compass Insight

Today’s paradox: weak data is being read as good news. A soft jobs report should worry markets, but investors focused on expectations that the Fed can wait longer before raising rates, pushing the S&P 500 to a fresh record. The Russia sanctions bill and a fragile Iran ceasefire could still move oil and inflation expectations. For household budgets, dollar-yen near 158 keeps imported costs elevated. Short term, watch whether the AI-stock rally holds into next week; medium term, watch how oil and the Fed’s rate path interact.