U.S. stocks opened higher on Aug. 7 after July nonfarm payrolls unexpectedly declined, prompting traders to scale back bets on further Federal Reserve rate hikes. Early in the session, the Nasdaq rose 0.77%, the S&P 500 gained 0.33%, and the Dow added 0.10%.
According to BIT (bit.com) market data, parts of the storage segment moved higher, with SanDisk up more than 3%. Optical communications stocks broadly advanced and remained one of the strongest AI-related trades. Optical module maker AAOI climbed more than 7% after saying it expects production capacity to expand tenfold over two years, with certification from a major client for its 1.6T product possibly arriving in as little as two weeks. Coherent rose more than 9%.
Chip stocks were mixed, with SK Hynix down 1.64% and Micron up 1.19%. Storage names and neocloud stocks mostly posted follow-on gains, including SNDK up 3.21% and NBIS up 1.16%. Cloudflare rose 11.5% and hit an all-time high after raising its annual revenue forecast.
U.S. stocks opened higher on Aug. 7 after July nonfarm payrolls unexpectedly declined, leading traders to trim bets on further Federal Reserve rate hikes.
At the start of trading, the Nasdaq gained 0.77%, the S&P 500 rose 0.33%, and the Dow Jones Industrial Average added 0.10%.
Optical communications stocks lead the move
According to market data from BIT (bit.com), optical communications names broadly moved higher. Optical module manufacturer Applied Optoelectronics, Inc. (AAOI) rose more than 7%. The company said it expects capacity to expand 10x over two years, and that certification from a major client for its 1.6T product could come as soon as two weeks. Coherent gained more than 9%.
Storage and chip stocks show mixed early trading
Parts of the storage segment also moved up at the open, with SanDisk rising more than 3%. Storage stocks and neocloud names mostly posted follow-on gains, including SNDK up 3.21% and NBIS up 1.16%.
Among chip stocks, SK Hynix fell 1.64%, while Micron rose 1.19%.
Cloudflare hits a record high
Cloudflare climbed 11.5% to a record high after the company raised its annual revenue forecast.
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