The US small non farm payroll data for August fell short of expectations, and the US stock market opened with mixed ups and downs

The number of small non farm payrolls in the United States increased by 38000 in August, lower than expected. The Nasdaq fell 0.02% at the opening of the US stock market, the S&P 500 index rose 0.08%, and the Dow Jones Industrial Average rose 0.38%. Dell Technologies rose over 10%, with AI server orders reaching $60.9 billion in the second quarter, and raised its full year revenue guidance. Credo Technology fell over 11% as first quarter earnings came under pressure, with GAAP gross profit margin dropping from 67.4% in the same period last year to 64.5%. GitLab rose over 20%, with a year-on-year increase of over 40% in net ARR for the second quarter, and raised its full year revenue and adjusted EPS guidance. AI interpretation: The significant slowdown in employment growth reveals the weak demand in the labor market. This data directly weakens the expectation of an economic soft landing and exacerbates market concerns about the weakening of economic growth momentum. The cooling of the job market forces the Federal Reserve to reassess the tightening path of monetary policy. Investors are rapidly adjusting their asset allocation to cope with the uncertainty brought by economic downturn risks. This data has become the core driving force for suppressing market risk appetite.