Friday, August 07, 2026 — Jobs shock, S&P at ATH, and a Hormuz deal nobody’s priced in yet

The US economy unexpectedly shed 23K jobs in July — first negative print in a while, unemployment still ticked down to 4.1% S&P 500 hit an all-time high anyway because bad news is good news — Treasury flooding bills, free QE ride continues Watch the Hormuz deal — Iran control is the concession, already baked, oil markets haven’t fully reacted 10Y yield at 4.648%, real yield stuck at 2.41% — credit spreads are asleep, BBB OAS at 0.97bp, HY at 2.71bp, no fear anywhere AMD buying AI chip startup Taalas to take a real swing at Nvidia — this is interesting, not just talk

The US economy unexpectedly shed 23K jobs in July — first negative print in a while, unemployment still ticked down to 4.1%