Alphabet AI talent exodus and weak jobs data pull US stocks mixed

Nasdaq 100 fell 0.83% to 29,488 as Alphabet dropped 4% on staff departures, ADP showed just 44,000 July jobs, and gold climbed to $4,264

Deepakshi

Kristal Research & Marketing team

6 Aug2 min

Key takeaways — AI summary

The Nasdaq 100 fell 0.83% to 29,488 while the S&P 500 slipped 0.17% to 7,723 and the Dow rose 0.49%, an uneven session as Communication Services led sectors lower, down 2.38%.
Alphabet fell 4% on reports its top AI scientist and several veterans are leaving to start a company, with its DeepMind lab chief also stepping back; Nvidia rose 3.5% after SpaceX said it will build its AI computing entirely on Nvidia chips.
ADP private payrolls showed just 44,000 July jobs versus the 70,000 expected, and the ISM services survey slipped below forecasts with its employment gauge back in contraction, while services prices paid hit a multi-month high.
Fed officials Schmid and Kashkari kept up hawkish talk, arguing rates may need to stay high or rise; the 10-year Treasury yield was flat at 4.62%.
US crude settled at $75.22, down 55 cents, on hopes for an Iran–Oman Strait of Hormuz shipping deal; gold climbed to $4,264 on a softer dollar. HubSpot was the day's worst mover, down 17%.

Generated by Kristal AI · reviewed by the research desk

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