Evening Memo | Cooling JOLTS eased yields; AI-heavy earnings set tomorrow’s trade slate
• After hours: an AI and networking earnings cluster led by AMD, Arista, SpaceX and Astera. • Tomorrow’s trade ideas: follow AI/semiconductor and travel/consumer earnings momentum into morning prints
What Moved Today
Market Recap — June JOLTS showed fewer openings, slightly easing labor tightness and pressuring yields ($ZN=F) and the dollar ($DX=F), while after-hours results from AI and networking names drove sentiment into the close ($AMD, $ANET). Booking’s upbeat report added strength in travel-exposed names ($BKNG) and SpaceX’s first public quarter surprised with large revenue and EBITDA figures ($SPCX). Astera Labs and Arista issued material upside guides, reinforcing AI-infrastructure demand ($ALAB, $ANET). Prudential’s solid asset-management results rounded out a diverse earnings tape ($PRU).
Intraday — From 08:00–16:00 ET, the JOLTS report showing job openings down to 7.359 million drove a move in Treasuries and the dollar ($ZN=F, $DX=F), while equity trading responded to headlines and positioning ahead of a heavy tech-earnings window ($BKNG, $PRU).
After Hours — Between 16:00–20:00 ET, AMD posted record Q2 revenue and strong Data Center growth with a firm Q3 guide and Arista and Astera pushed above-consensus guides on AI demand, while SpaceX’s debut quarter beat revenue and adjusted EBITDA expectations and Booking topped revenue and gross-bookings forecasts ($AMD, $ANET, $ALAB, $SPCX, $BKNG).
Our Read — Softer JOLTS reduces near-term rate pressure, providing room for AI/tech beats to lead risk-on flows. Watch early trading for follow-through in AI/semiconductor names and travel-exposed stocks.
