US July Non-Farm Payrolls Drop More Than Expected; Three Major US Stock Indices Open Higher

US non-farm payrolls unexpectedly decreased in July, prompting traders to reduce bets on Federal Reserve rate hikes. The NASDAQ Composite Index rose 0.77% at the open, the S&P 500 gained 0.33%, and the Dow Jones Industrial Average increased by 0.10%. Memory-related stocks partially moved higher at the open, with Sandisk rising more than 3%. Optical communication stocks rose broadly, with optical module manufacturer AAOI jumping more than 12%; the company expects its production capacity to expand tenfold over two years, with 1.6T products likely to receive certification from major clients within as little as two weeks. Coherent Corp. rose more than 9%.